A seminar calling on investment from Thailand in Viet Nam's parts supply industry was held yesterday in Bangkok, Thailand, according to the Trade Office of Viet Nam in Thailand. — VNA/VNS Photo Danh Lam

HA NOI (Biz Hub) — A seminar calling on investment from Thailand in Viet Nam's parts supply industry was held yesterday in Bangkok, Thailand, according to the Trade Office of Viet Nam in Thailand.

The seminar was held by the Viet Nam Trade Office, the Thai Board of Investment (BOI) and the Federation of Thai Industries (FTI). It attracted experts from Viet Nam's Ministry of Investment and Planning, the Ministry of Industry and Trade's Industrial Policy and Strategy Institute, BOI, FTI, as well as Thai and foreign enterprises in Thailand.

The experts provided the seminar's participants with valuable information about the potential for investment and trade in Viet Nam during the process of international integration. The seminar was also a chance to release Viet Nam's policies on attracting investment in the parts supply industry in the country, reported Vietnam News Agency's correspondent in Bangkok.

Chokdee Kaewsang, BOI deputy general secretary, said Thailand has had experience in developing the industry for 20 years. It was the basis for developing main industries in Thailand, including the production of autos, electronic equipment and machines, and was the prerequisite to improving the competitiveness of industrial manufacturing products.

According to the experience of Thailand, a developed parts supply industry would attract great foreign investment, he said.

Important factors in developing the industry have included marketing, skilled human resources, tax policies and support from the State, he said. Of these he suggested, Viet Nam should focus on developing skilled human resources with reasonable support from the State.

Regarding investment opportunities in Viet Nam's parts supply industry, Kaewsang said Viet Nam was a potential market with favourable conditions in geography, stable and high growth in the economy and open investment incentives.

Viet Nam's increasingly strong integration in regional and global economies through the signing of many free trade agreements would be another favourable condition in calling on foreign investors, particularly Thai enterprises and production industries, including the parts supply industry, he said.

Vietnamese Government has directed industries and businesses to focus on the development of the local parts supply industry with many preferential policies and specific plans to develop this particular sector. Meanwhile, Thailand was a country having much experience in developing the industry with investment from groups and companies from industrially developed countries such as Japan, the US, the UK and France. Those groups and enterprises in Thailand would be potential investors for Viet Nam's industries.

According to Viet Nam's Ministry of Planning and Investment, by June 2016, Thailand's investors had investment in 466 projects with a total capital of US$9.44 billion in Viet Nam. —  VNS