Thai firms seeking new opportunities

Thursday, Aug 28, 2014 08:16

For the first half of the year, bilateral trade was $5 billion. — Photo
HCM CITY (Biz Hub) — Bilateral trade between Viet Nam and Thailand is expected to increase by 20 per cent per year to reach US$15 billion by 2020, according to Nguyen Van Tuan, head of the International Relations Department of the Viet Nam Chamber of Commerce and Industry in HCM City (VCCI).

Speaking at a business meeting held byVCCI, the Royal Thailand General Consulate and the Thai Trade Centre in HCM City yesterday, Tuan said that bilateral trade had grown rapidly in the past few years, reaching nearly $9.5 billion last year.

For the first half of the year, bilateral trade was $5 billion, with Thailand enjoying a trade surplus, he added.

The meeting was attended by a delegation of 20 Thai companies who were in Viet Nam to seek business opportunities. The Thai enterprises specialise in producing health food, yarn, fabrics, clothes, and sea and inland transportation vehicles.

Many of the Thai companies want to set up joint ventures with local companies or are looking for Vietnamese importers.

Thaiwahknit Wear Co, which specialises in making sportswear, ladies' blouses, functional fabric and accessories, golf wear and bikewear, for instance, are seeking importers and distributors to expand business in Viet Nam.

Malinee Harnboonsong, commercial counselor of the Royal Thailand General Consulate and director of the Thai Trade Centre in HCM City, said many Thai businesses wanted to develop long-term co-operation with Vietnamese partners.

Tuan said Viet Nam is currently the second-largest trading partner of Thailand in the ASEAN region. However, bilateral trade was still low compared to the potential of the two countries. Viet Nam's trade deficit with Thailand remains high. He also called on business communities to make more effort to increase bilateral trade.

Viet Nam imports plastic materials, automotive and motorbike spare parts, household electrical products, fuel, chemicals, and fabrics from Thailand. It exports telephones, crude oil, steel, seafood and computers to Thailand. — VNS

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