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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
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Thai companies eye Vietnam to access US market
21 Jul '06
1 min read
Thai garment and textile companies plan to foray into Vietnam as WTO accession and proposed Foreign Trade Agreement with US are on the cards.
Vietnamese Trade Office (VTO) officials claimed that entry in WTO will provide access to US market to Vietnam, and therefore, Thai companies are setting up their units to export their product.
Furthermore, Thai businessmen are also setting up their shops in Vietnam thanks to the availability of cheap labour because of which, companies like Thai Trax Intertrade plan to set up a plant in Vietnam.
Absence of FTA with US applies tariff of 27 percent on garment exports that has forced Thai companies to look towards China and India as their future production centers.
Kasikorn Research Center of Thailand projects Vietnam as its rival in terms of trade, tourism and foreign investment estimating that Vietnam may overtake Thailand with exports of US $500 billion by 2020 against Thailand's projected $463 billion.
Vietnamese Trade Office (VTO) officials claimed that entry in WTO will provide access to US market to Vietnam, and therefore, Thai companies are setting up their units to export their product.
Furthermore, Thai businessmen are also setting up their shops in Vietnam thanks to the availability of cheap labour because of which, companies like Thai Trax Intertrade plan to set up a plant in Vietnam.
Absence of FTA with US applies tariff of 27 percent on garment exports that has forced Thai companies to look towards China and India as their future production centers.
Kasikorn Research Center of Thailand projects Vietnam as its rival in terms of trade, tourism and foreign investment estimating that Vietnam may overtake Thailand with exports of US $500 billion by 2020 against Thailand's projected $463 billion.
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