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Thai garment traders keen to invest in Vietnam's HCM City
05
Sep '14
Thai garment traders and investment promotion agencies are keenly executing a list of programs to connect their businesses and to help them invest in business opportunities in Ho Chi Minh (HCM) City, the largest city in Vietnam.

Many Thai companies wish to set joint ventures with local companies in HCM City or are looking for Vietnamese importers, according to a vov.vn report.

At a recent meeting for trade between Vietnamese and Thai garment business, held in HCM City, Thai Consul General Malinee Harboonsong said the list of programs to connect Thai garment businesses with their Vietnamese counterparts are part of the preparations for the opportunities that are likely to arise in future, after the establishment of ASEAN Economic Community (AEC) in 2015.

Many Thai apparel businesses have highly appreciated the Vietnamese market’s potential and long-term cooperative opportunities with Vietnamese partners, she added.

Thai companies plan to introduce their prime quality products and services to the distributors and agents to get Vietnamese customers in favor of Thai products, Malinee said.

According to the Ministry of Industry and Trade, the bilateral garment trade turnover reached US$ 160 million in the first half of this year, including $20 million from Vietnam’s exports and $140 million from its imports.

According to the International Relations Department of Vietnam Chamber of Commerce and Industry (VCCI)’s branch in HCM City, Nguyen Van Tuan, the garment businesses from Vietnam and Thailand should find the best ways to bridge the difference in the gap of their export turnover and increase trade exchange for mutual benefits.

He said the bilateral trade between Vietnam and Thailand, which currently stands at $9.5 billion, is expected to increase at 20 percent per annum to reach $15 billion by 2020.

Vietnam is currently the second-largest trading partner of Thailand in the ASEAN region. (GK)

Fibre2fashion News Desk - India

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