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Thai Textile Firms Eye Vietnamese Market

Vietnam is getting a lot of investor attention of late with its pending position as a Trans-Pacific Partnership beneficiary—and now representatives from more than 400 Thai garment, textile and footwear companies are slated to visit Vietnam to explore the country’s market potential and assess its consumption demands.

According to Vietnam News, the businesses have already reached out to hundreds of local companies in Ho Chi Minh City (HCM City). The representatives will also visit garment-textile and footwear plants in the Bing Duong and Dong Nai provinces located in the southeast region of the country.

Nguyen The Hung, deputy director of the Vietnam Chamber of Commerce and Industry’s HCM City branch, said Thai products are popular in Vietnam and that more Vietnamese goods are present in the Thai market.

Trade turnover between the Vietnam and Thailand reached $10.6 billion in 2014, a 12.5% year-on-year increase. In the first half of 2015, the trade turnover totaled roughly $5.2 billion, an 8 percent increase over the same time period last year, according to Vietnam News.

The countries are hoping to raise bilateral trade to $20 billion by 2020.