|The "Thailand Week" is taking place in HCM City. A senior official of Bankok Bank said Viet Nam's business prospects are "very good" on the sideline of the event. — Photo hochiminhcity.vn
HCM CITY (VNS) — Viet Nam's business prospects for the next three to five years are very good, the senior deputy president and general manager of Bangkok Bank said at a meeting on Wednesday to launch Thailand Week from July 9-12.
Tharabodee Serng-Adichaiwit told attendees at the Thailand-Vietnam Business Meeting that the country's advantages included political stability, a young population, and strong government support for foreign direct investment.
An increasing number of enterprises want to set up factories to tap the potential of the Trans Pacific Partnership (TPP), expected to be signed in the near future, and Free Trade Agreements (FTA) between the EU and Viet Nam, as well as the Viet Nam-Korea FTA and Viet Nam-Eurasian Economic Union FTA.
The ASEAN Economic Community, expected to take effect by the end of the year, will also bring more trade opportunities.
Nguyen The Hung, deputy director of the Viet Nam Chamber of Commerce and Industry, said that many leading multinational companies had chosen Viet Nam as a location for their production and high-tech services.
In the first six months of the year, Thailand invested in 13 new projects with registered capital of US$56.3 million.
Bilateral trade between Viet Nam and Thailand reached $5.2 billion in the first six months of the year, an increase of 8 per cent compared to the same period last year.
As of the end of last year, Thailand had invested in more than 370 projects in Viet Nam with total registered capital of $6.6 billion. Thailand is the 10th largest investor out of 103 countries and territories that invest in Viet Nam.
HCM City gave priority to manufacturing of hi-tech products from four industries, including mechanical engineering, chemical, food processing as well as electronics and IT, Hung said.
It encourages investment in nine services, including finance, trade, transportation and logistics, telecommunications, real estate, consultancy, scientific and technology research, healthcare, education and training, and tourism.
At the Thai Trade Fair in the Tan Binh Exhibition and Convention Centre, about 300 domestic and Thai manufacturers, importers, exporters, agents and distributors with 350 booths are displaying products and services, including auto parts, food and beverages, textiles and garments, health and beauty products, and household and kitchenware.
The event is organised by the Department of International Trade Promotion and Ministry of Commerce of the Royal Thai Government. — VNS