As Vietnam has allowed foreigners to establish and fully own business enterprises in its country, Thailand’s International Trade Promotion Department says now was the right time for Thai businessmen to invest in Vietnam because it has abundant natural resources while its wages were low.
Nantawan Sakuntanak, director-general of the department, said the Vietnamese government has aimed the country’s economic growth in 2014 at 5.7 per cent, inflation at 7 per cent and has a policy to encourage foreigners to do business in its country.
Ms Nanthawan said the Vietnamese government has amended laws, allowing foreigners to register and fully own enterprises in that country.
Currently, the International Trade Promotion Department is cooperating with related government agencies and the private sector in organising ‘Thailand Week’ in Ho Chi Minh City.
The four-day fair, started Friday, displays Thai-made consumer products.
In an attempt to boost trade among members of the Association of Southeast Asian Nations (ASEAN) and cater to the implementation of ASEAN Economic Community due to start in late 2015, Ms. Nanthawan said her department has set a strategy in which Vietnam would become an important raw material source for Thailand in expanding its production base.
Also, Thailand would promote the use of economic connectivity in the region and to boost trade and investment relations between the public and the private sector, she said.
Industries which will be promoted are food, services, textiles and garments, she added.
Bilateral trade between Vietnam and Thailand during the first five months this year rose about 8 per cent, equivalent to US$10.5 billion.
