Vietnam steps up its' game to attract Thai business

By Michelle Yeomans contact

- Last updated on GMT

Vietnam steps up its' game to attract Thai business

Related tags: Brand, Investment, Economic growth

Thai cosmetic businesses have begun to see the value of investing in Vietnam, thanks to skilful workers and an average GDP growth rate of 5-6% annually.

A recent fair, ‘Vinexad’ attracted 100 companies from Thai food, cosmetic, garment, and electronic industries looking to partner with Vietnamese brands to boost future bilateral trade.

According to regional analysts, various international companies have invested in training courses to improve the standard and efficiency of Vietnam’s workforce.

The ministry has also stated that it will continue to assist and strengthen its' support to businesses, especially in building and promoting their trademarks with a focus on private firms.

Attempting to create a stable condition to attract foreign brands

Vietnam is in the process of lining up its' legal frameworks with international best practices, updating technology, and certifying materials and equipment to create a stable condition to attract brands from other countries.

The minister of planning and investment, Bui Quang Vinh told VietNamNet that routine inspections will be put in place to identify potential or actual causes for detention.

Vinh also revealed that responsible organisations or individuals will be called upon to make necessary corrections or take precautions against future incidents.

The publication went on to report that a decree on public-private partnership (PPP) investment model is to be shortly announced, providing favourable conditions for the private sector to engage more deeply in the country’s growth process.

"Currently, the Government is working to complete a list of projects calling for investment in PPP form, to be made public soon,"​ he said.

Vietnam's domestic brands not competing very well

Currently, 90% of Vietnam's cosmetics sector is comprised of foreign companies, due to widespread distribution channels.

Although having established many cosmetics brand names of its' own, the country's beauty market has been overshadowed by multinational brands due to a lack of innovation and promotional strategies.

The quality of Vietnamese-made cosmetics are not far from that of foreign-made ones but rather that manufacturers are not investing in strategies to develop their products as well as advertising campaigns that local consumers can relate to.

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