Thai garment, footwear firms boost investment in Vietnam
08:27, 2015/09/15
Thai businesses are promoting investment in Vietnam in sectors that are expected to benefit from free trade agreements, including garment-textile and footwear.
In the near future, 40 Thai enterprises will focus investments on clothing, apparel material and fashion, leatherware through direct investment and cooperation with Vietnamese partners.
Commenting on investment advantages in Vietnam, a representative from the Department of International Trade Promotion under the Thai Ministry of Commerce said Thailand has yet to join a number of free trade agreements.
As such, the hunt for investment and development opportunities in Vietnam is critical to increase their competitiveness.
This is also considered a vital factor given many countries have signed free trade agreements, including Vietnam, and are moving to eliminate tariffs.
Choosing Vietnam as a primary investment destination means Thai firms will optimise opportunities presented by import tariff reductions in trade pacts.
Moreover, Vietnam boasts abundant labour resources, skilled workers and plentiful land areas, especially in the southeast and western regions.
The Vietnam Textile and Garment Association (VTGA) said Vietnam and Thailand share similarities in terms of science-technology and consumer tastes.
Thai firms are strong in weaving and designing and the nations’ bilateral cooperation will hence enable the two to reduce the amount of imported apparel materials while increasing product value and competitiveness.
As Vietnam has signed a number of free trade pacts in recent years, many garment businesses from the Republic of Korea, Japan, and China are shifting their investments to the Southeast Asian country.
Cooperation in the field between Vietnam and Thailand is significant, particularly in preparation for the establishment of the ASEAN Economics Community (AEC) by the end of this year.
Representatives from the Thai Government said in addition to enhancing cooperation between the two business communities, Thailand hopes to receive Vietnamese workers, raising the current 50,000 to 500,000 in the coming time.
Commenting on investment advantages in Vietnam, a representative from the Department of International Trade Promotion under the Thai Ministry of Commerce said Thailand has yet to join a number of free trade agreements.
As such, the hunt for investment and development opportunities in Vietnam is critical to increase their competitiveness.
This is also considered a vital factor given many countries have signed free trade agreements, including Vietnam, and are moving to eliminate tariffs.
Choosing Vietnam as a primary investment destination means Thai firms will optimise opportunities presented by import tariff reductions in trade pacts.
Moreover, Vietnam boasts abundant labour resources, skilled workers and plentiful land areas, especially in the southeast and western regions.
The Vietnam Textile and Garment Association (VTGA) said Vietnam and Thailand share similarities in terms of science-technology and consumer tastes.
Thai firms are strong in weaving and designing and the nations’ bilateral cooperation will hence enable the two to reduce the amount of imported apparel materials while increasing product value and competitiveness.
Photo for illustration
|
Cooperation in the field between Vietnam and Thailand is significant, particularly in preparation for the establishment of the ASEAN Economics Community (AEC) by the end of this year.
Representatives from the Thai Government said in addition to enhancing cooperation between the two business communities, Thailand hopes to receive Vietnamese workers, raising the current 50,000 to 500,000 in the coming time.
15:12, 2024/11/14
North-South high-speed railway to open up new economic opportunities
The government proposes a design speed of 350 km/h for the railway to ensure a modern, integrated, and forward-looking infrastructure appropriate to Vietnam’s geographical and economic conditions.
17:25, 2024/11/07
Prime Minister calls on China to pilot border economic cooperation zone
This economic cooperation zone is an initiative proposed by China and has been under negotiation with several countries, including Vietnam, since 2007.
17:29, 2024/07/23
State-owned corporations set to pilot offshore wind power projects
Private and foreign investors are currently not being considered for pilot projects due to unresolved legal and security issues.
06:12, 2024/07/17
AIIB ready to fund Hanoi’s urban railway projects
Hanoi expects the AIIB to assist with planning, implementation methods, and financing strategies to rapidly deploy metro projects.
15:33, 2024/07/02
S.Korea’s industrial conglomerates to expand investment activities in Vietnam
Prime Minister Pham Minh Chinh welcomed the proposals, which are consistent with Vietnam’s green growth strategy.
11:29, 2024/05/08
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
- Vietnam among top investment destinations for SEA investors
- Vietnam looks to support FDI firms as global minimum tax looms
- Factors unlocking Vietnam’s potential in FDI attraction: HSBC
- Opportunity at hand: Leveraging global minimum tax for FDI attraction
- Vietnam: Leading destination for sustainable investment
- Vietnam targets to draw investment in hi-tech industries: Prime Minister