Thai workers will flow to Vietnam in next decade

 BANGKOK, April 27 (TNA) – Increasing numbers of Thai workers will probably seek jobs in Vietnam by the next decade since the former socialist country will by then emerge as the leading economic power in the region, according to a top Thai industrial estate executive.

Vikrom Kromdit, president and chief executive officer of Amata Corporation Plc, a giant industrial estate developer, said the Thai economy remains engulfed with many problems this year.

In particular, Thailand’s current government has not won recognition from the international community since it was not elected under a democratic system.
At the same time, many ministers in the cabinet are technocrats who are familiar with the decision-making process in the bureaucratic system. So, accordingly, they are seen to be working so slowly, without the sense of urgency that the business sector usually exhibits.

Given these factors, Mr. Vikrom projected that the economy this year would grow around 3 per cent only unless the government accelerated restoring confidence and attracting more foreign investment.

“The (Thai) government needs to consider why foreign investors have shifted their investment base to Vietnam,” the Amata executive commented. “What should we do to attract these investors.”

“We need to amend rules and regulations governing investment in the financial and banking businesses to encourage opening of foreign bank branches in Thailand.”

“We have to seek an answer why the top international banks worldwide are opening their branches in Singapore,” Mr. Vikrom said, “while less than 20 foreign banks set up their branches in Thailand.”

Mr. Vikrom pointed out that Vietnam, which is Thailand’s key economic rival, is enjoying continued economic growth.

The Vietnamese economy is expected to expand 8 to 9 per cent this year. More than US$10.2 billion of capital from 77 countries flowed into Vietnam last year, and the country’s exports grew 20 per cent to more than $40 billion in value.

Given the demonstrated performance factors, he projected that Vietnam’s economic growth would outpace that of China in the next decade. 

With the population likely to increase to 100 million in that period, Vietnam will become one of the world’s major markets with a substantial need for foreign labourers.

In future, Thai skilled labour is likely tto ravel to work in Vietnam in numbers, in a way similar to the current labour scene in Singapore and Taiwan at present, he said. (TNA)-E005