Thai investors are shifting their investment strategies overseas to reduce risks and seek more business opportunities and Vietnam is one of their destinations.
The President and CEO of the Siam Cement Group (SCG), Kan Trakulhoon, said that the company has started a number of major investment projects in Vietnam since early in 2012.
SCG and Thai Plastics and Chemicals (TPC) signed a joint venture agreement with QPI Vietnam, PetroVietnam and Vinachem to invest in Vietnam’s first petrochemical complex. Under the US$4.5 billion project, SCG will hold 28 percent of the stake and TPC will hold18 percent, while the remainder will go to the other strategic partners. The project is expected to be operational within the next four years.
Meanwhile, the Amata Group of Thailand has planned to expand its investment in Vietnam. The Director General of Amata Vietnam, Huynh Ngoc Phien, said it is expanding the Amata industrial zone in Dong Nai province by 55 hectares in the second phase and 66 hectares in the third phase. It is also working on a trade centre project covering 20 hectares of land.
The complex includes a trade centre and office and urban areas, as well as medical centres and schools.
Amata was also granted an investment license to build the Amata Express City in Long Thanh, Dong Nai province, and has plans to invest in a tourist resort in Da Nang.
The 4 Oranges paint manufacturing company from Thailand also announced that it will increase its investment capital in Vietnam from US$60 million to US$90 million over the next year.
The President of 4 Oranges, Smit Chea, said that in the future, the company will focus on investing in technology and environmentally-friendly products. He added that it will also pay special attention to in-depth, long term investments and sustainable development in Vietnam instead of building new factories.
It’s time to expand operations in Vietnam, he said.