Thai businesses get a taste of Vietnam market at Mini Thailand Week

The event is a part of the Thai government's strategy to encourage Thai businesses and entrepreneurs to participate in the fast economic growth of the ASEAN country.

The event began on Thursday at the Centre of Planning Fair and Exhibition in Ha Long, Quang Ninh province, and will end on March 31. Over 10,000 Vietnamese participants are expected to visit the event.

Citing Vietnam's substantial economic expansion in recent years, Pornvit Sila-on, deputy director-general of the Department of International Trade Promotion (DITP), Ministry of Commerce, said after touring the venue that the event would play an important role in assisting Thai businesses to introduce their products directly to the locals.

Thailand is Vietnam's ninth largest trade partner and the biggest in ASEAN, according to the Commerce Ministry. However, there is still room for Thai entrepreneurs, particularly small and medium-sized enterprises (SMEs), to expand in this emerging country.

In addition to Thai snacks, beverages and daily-use products for the Vietnamese to taste and buy, Pornvit said around 24 Thai SMEs would be attending the event to explore possibilities through field research while networking with local partners to broaden their businesses in the future.

"The DITP expects the Mini Thailand Week 2024 in Quang Ninh province to be a platform to encourage Thai SMEs to thrive and sustain their growth in the international market, with Vietnam serving as a good starting point. They'll have our full support. They only have to take action," he said.

With over a decade of experience in the retail sector, Chalermchai Pornsiripiyakool, head of international corporate affairs at Central Retail Vietnam, agreed with Pornvit.

He explained that due to the country's unique longitudinal geography, Vietnamese in the north, the centre, and the south of the country were very different. While the south is very open-minded and enjoys mild tastes, the north is more conservative but loyal to the brand, and the centre prioritises spending on necessities for daily life because they must deal with the damage caused by the monsoon every year.

"Understanding their behaviour will help you determine whether your current products are suitable for this market. Is there a business model that will thrive? If the answer remains no, you must move on to the next option. However, if you are a food and beverage producer, I encourage you to come to this market," he told a group of SME entrepreneurs who were the first to attend the event.

In general, he said that almost all Vietnamese prefer inexpensive products with higher value. If the products being sold are food seasoning, they will require more information on what kind of foods it can be used. In snacks, their preferences are similar to those of Thais. In terms of advanced products such as plant-based, healthy options, and functional foods, the market has a long way to go before accepting them, he said.

Even though Thai products are the most popular imported goods in Vietnam, local tastes, concerns, and preferences vary. Hence, it would be better to understand their personalities, raise brand awareness, and seek out the most appropriate model for their lifestyles, he said.

"If you are successful in making the Vietnamese aware of your brand, it is then your chance to grow in this market," he added.

Speaking at the event's opening ceremony, Nikorndej Balankura, Thailand’s ambassador to Vietnam, said that Thailand was pleased to co-host this event with the Vietnamese government.

This collaboration, he noted, reflected the two countries' positive relationship and demonstrated their willingness to improve and enhance each other's trade and investment opportunities.

"We [Vietnam and Thailand] aim to increase our bilateral trade volume to $US 25 billion by 2025," he said, adding that the two governments were now working on more projects to strengthen their economic ties, such as hosting events like Mini Thailand Week across Vietnam.