Leading Thai conglomerates continue to expand their footprint in Vietnam, turning the country into a key investment destination while strengthening business ties across Southeast Asia.

Speaking with Tuoi Tre (Youth) newspaper, Praween Wirotpan, chairman of the Thai Chamber of Commerce and Industry in Vietnam (ThaiCham), stated that Thailand ranks as the ninth-largest foreign investor in Vietnam, with total direct investment exceeding $US14 billion as of the end of 2024.

Currently, Thai business groups such as CP Group, Betagro Group, Gulf Energy, B.Grimm, Super Energy, SCG, and Berli Jucker operate across various sectors in Vietnam.

According to Praween, the five corporations with the largest total investments in Vietnam are Siam Cement Group (SCG), ThaiBev, Central Group, CP Group, and Amata Corporation.

These companies operate in diverse industries: SCG focuses on cement, building materials, petrochemicals, and packaging; ThaiBev specializes in beverage and alcohol production; Central Group dominates retail, shopping malls, and e-commerce; CP Group engages in agriculture, aquaculture, and food processing; and Amata Corporation invests in industrial real estate.

Leading Thai investors in Vietnam

At the top of the list is SCG, Thailand’s leading multi-industry conglomerate, operational in Vietnam since 1992.

The company specializes in building materials, packaging, and petrochemicals and employs over 16,000 workers.

SCG has made a name for itself through major acquisitions in Vietnam, including stakes in Song Gianh Cement JSC, Vietnam Construction Materials, and Binh Minh Plastics JSC. In 2024, SCG’s sales revenue from the Vietnamese market exceeded VND35.14 trillion ($1.36 billion).

Following SCG is ThaiBev, the parent company of Sabeco, Vietnam’s largest brewery, with an annual capacity of approximately three billion liters. 

In the fiscal year ending September 2024, ThaiBev's beer business saw strong growth in Thailand and Vietnam, leading to a 3.9-percent increase in net profit. 

After acquiring a controlling stake in Sabeco for $4.8 billion in 2017, ThaiBev now indirectly owns 53.6 percent of the company and has received around VND12 trillion ($470 million ) in dividends -- equivalent to over 10 percent of its total investment.

In the retail sector, Central Retail, the powerhouse behind GO! Hypermarkets, Tops Market, and the Nguyen Kim electronics retail chain, reported a revenue of over VND27.62 trillion ($1.07 billion) in Vietnam during the first nine months of 2024.

The group plans to invest an additional THB50 billion ($1.48 billion) in Vietnam in 2023-2027 to scale up its operations, aiming to generate approximately $2.7 billion in revenue by 2026.

Meanwhile, CP Vietnam has been active in the market since 1993. The company operates 21 factories and partners with over 2,500 farms to supply millions of pigs, chickens, fish, and shrimp annually. 

In the first nine months of 2024, CP Vietnam’s revenue grew five percent year over year, reaching approximately VND68 trillion ($2.66 billion). 

Of this, the livestock and poultry sector accounted for nearly VND59 trillion ($2.31 billion), while the aquaculture segment contributed around VND9 trillion ($352.1 million).

Lastly, Amata Vietnam, a subsidiary of Amata Group, operates three industrial zones and two urban development projects with a total investment of approximately $860 million, covering a development area of 3,000 hectares. 

In January-September 2024, the company’s total revenue surged over 42 percent compared to the same period in 2023, reaching VND2.39 trillion ($93.6 million). Gross profit margins stood at 32.2 percent in the real estate sector and 8.4 percent in the utilities sector.

Two key challenges

Despite these successes, Praween highlighted two significant challenges: regulatory uncertainty and an aging population.

The ongoing restructuring of government ministries and the creation of new agencies have led to changes in regulatory oversight, which, in turn, has slowed down licensing approvals and complicated business operations.

Additionally, Vietnam’s declining birth rate -- dropping to an average of two children per woman in 2024 -- poses a long-term challenge. 

Driven by rapid urbanization and shifting family structures, this demographic trend is gradually shrinking the workforce while placing increased pressure on the social security system.

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