Central Vietnam province targets more projects with Thai investment

Binh Dinh province in central Vietnam is looking to attract more Thai investment, so far hosting just 10 projects from the neighboring country worth a little over $106 million.

The investment does not match significant potential that exists, Ho Quoc Dung, Secretary of the Binh Dinh Party Committee, said at a Friday conference gathering officials and businesses of both countries.

Current Thai-invested projects focus primarily on industrial production, trade and services, he said, adding that this included some major projects like the $36 million Binh Dinh Animal Feed Factory by C.P Group and the $19.4 million Avani Quy Nhon Resort and Spa.

Trade relations between Binh Dinh province and Thailand also hold promise, Dung said. In the first 10 months of 2024, import-export turnover between the two sides topped $5 million.

Furthermore, "tourism development cooperation activities between the two sides in recent times have shown positive signs, highlighting Binh Dinh’s attractions to Thai tourists," he said.

Wiraka Moodhitaporn, consul general of Thailand in Ho Chi Minh City, said the meeting with Thai enterprises in Binh Dinh was a successful continuation of one held in 2023, when agreement was reached to create opportunities for Thai state agencies and enterprises to learn about the potentials of Binh Dinh province.

The latest event was in line with the "Three Connects" strategy that focuses on connecting supply chains in mutually supportive industries; connecting the grassroots economy, especially small and medium enterprises, microenterprises, and local enterprises; and connecting sustainable development strategies.

"I believe that this conference will be a good opportunity to enhance trade, investment, and tourism cooperation while opening up new opportunities to promote the grassroots economy, supply chain and logistics connectivity between Thailand and Binh Dinh," Moodhitaporn added.

Still modest

Pham Anh Tuan, Chairman of Binh Dinh People's Committee, said cooperation between Thailand and Binh Dinh in three main aspects – trade, tourism and investment attraction – was still modest.

Also noting that there were just 10 projects with Thai investment in the province, he said: "Since the beginning of last year, some Thai enterprises have started to invest in Binh Dinh. We will have a few more this year."

Chinoros Benjachavakul, deputy general director of C.P. Vietnam Livestock JSC, said the company had recognized the great potential of Binh Dinh when it first visited it in 2000.

Accordingly, the company started by building a livestock feed warehouse, then expanded its scale with livestock farms, food processing facilities and garment production for export in Quy Nhon town.

He said Binh Dinh had many advantages including a favorable geographical location, quality human resources, a suitable climate, modern traffic infrastructure, and clear investment support policies.

Benjachavakul said he had lived in Vietnam for more than 20 years and seen the friendliness and hospitality of the people as well as the strong development potential of the country. He believed that Binh Dinh was an ideal destination for C.P to develop sustainably, harmoniously combining business and social responsibility.

Praween Wirotpan, chairman of the Thai Business Association in Vietnam, acknowledged that Thai enterprises investing in Binh Dinh have always received very good support and attention from the provincial government.

A clear example is the C.P. group’s investment, which has created added value for livestock and agricultural products, while Avani Group has promoted cooperation in the service and tourism sectors.

The presence of large Thai retail enterprises such as MM Mega Market and Central Retail in the province was another example, Wirotpan said.

"I hope that the investment of Thai enterprises in Binh Dinh will contribute to the development and promotion of the relationship between Thailand and Vietnam. I also hope that Thai enterprises investing in Binh Dinh will continue to receive guidance and support from the province that they have received thus far," he added.