According to Vietnam’s Ministry of Planning and Investment, Thailand had invested over 14 billion USD in Vietnam by June 2024, ranking it among the largest foreign direct investors in the country. Thai businesses have diversified their investments across sectors, including retail, oil and gas, plastics, agriculture, and cement. This article focuses on the manufacturing and processing industries and power generation.

The Southern Investment Promotion Center (IPCS), under the Ministry of Planning and Investment, reports that manufacturing and processing account for the largest share of Thai FDI in Vietnam, with 242 projects and registered capital totaling 9.78 billion USD, representing 75.2% of Thailand’s total investment in the country.

Siam Cement Group (SCG) has invested heavily in Vietnam through over 20 subsidiaries operating in cement, building materials, petrochemicals, and packaging. In the first nine months of 2024, SCG reported revenues of 266.13 trillion VND (approximately 10.66 billion USD), nearly matching the same period last year. Notably, SCG’s Long Son Petrochemical Complex, a 5.1-billion-USD project located in the Long Son Oil and Gas Industrial Park (Ba Ria-Vung Tau), began operations in November 2024. Additionally, Binh Minh Plastic JSC, Vietnam’s largest plastic pipe manufacturer, became a subsidiary of SCG’s Nawaplastic Industries in early 2018.

Amata Group, in 2023, spent approximately 5 billion baht (around 144 million USD) on fixed assets, with over 50% allocated to its projects in Vietnam, such as the Amata Bien Hoa Industrial Park and the Amata City Halong Industrial Park (Song Khoai).

WHA Group, as a leading logistics and industrial utilities developer in Southeast Asia, plans to invest at least 1 billion USD to develop eco-friendly and smart industrial parks in Vietnam. These parks aim to attract secondary projects with a combined investment of over 5 billion USD.

The energy sector has drawn significant interest from Thai enterprises in Vietnam, with 11 projects and a total investment of 997.16 million USD. These projects address Vietnam’s growing energy demand amid rapid industrialization.

Gulf Energy Development, one of Thailand’s leading energy corporations, has made substantial investments in Vietnam, including solar power projects in Tay Ninh, renewable energy initiatives in Ben Tre, and plans to build LNG-fired power plants.

B.Grimm Power, another prominent Thai energy group, spent approximately 34 million USD to acquire a 55% stake in Dau Tieng Tay Ninh Energy JSC and 32.5 million USD for an 80% stake in TTP Phu Yen JSC. These investments support solar power projects with capacities of 420 MW and 257 MW, respectively.

Thai companies invest in Vietnam through various forms, including joint ventures, equity acquisitions, and direct investments.

The participation of Thai enterprises has contributed to enhancing Vietnam’s production and export value. Products in petrochemicals, ceramics, and power from Thai FDI projects not only meet domestic demand but also boost international competitiveness.

Thanks to investments from major Thai corporations, Vietnam has gained access to advanced technology and modern production processes, particularly in petrochemicals and industrial manufacturing. These FDI projects have created tens of thousands of direct and indirect jobs while fostering workforce training and skill development.

However, the strong presence of Thai businesses across multiple sectors poses competitive pressures on Vietnamese enterprises. Thai companies are increasingly focusing on sustainable development models, such as eco-industrial parks and renewable energy projects.