Thai imports have become popular with Vietnamese consumers. However, Thais would have to compete fiercely with Chinese to cement their firm position in the market. The consumer imports from Thailand have been increasing rapidly since 2011. Thai products have been favored by Vietnamese because they have good designs, reasonable quality and affordable prices to Vietnamese incomes.
Thai products have been going on a very spacious way to enter Vietnam. It is now the right time for Thai manufacturers to conquer the Vietnamese market, when Chinese products have been boycotted. Vietnamese consumers, when regarding to Chinese goods with suspicion, have been welcoming Thai products.
That explains why more and more Thai goods shops have been mushrooming. One of the shops, located on Phao Dai Lang Street, covers an area of 10 square meters only, but this is enough for hundreds of consumer goods items to be displayed, from footwear to china bowls, from clothes to cosmetics.
A lot of Vietnamese consumers have shifted to use Thai goods after they heard about the low quality of Chinese goods.
In thoughts of Vietnamese people nowadays, Chinese goods mean low quality and unsafe products.
Thai goods shops have been set up on big streets in commercial hubs in Hanoi, namely Tay Son, Giang Vo, Lang or To Hien Thanh. Despite the current economic crisis, because of which Vietnamese goods have been left unsold, a lot of new Thai goods shops still have been set up.
A small merchant at Kim Bien market said though Thai products are 20-30 percent more expensive than Chinese, they still have been selling well with 90 percent of goods sold are made-in-Thailand products.
Not only consumer goods, heavy industry products sourced from Thailand have also flocked to Vietnam.
The products with well-known brands of Sharp, Philips, Panasonic and Sanyo, made at the manufacturers’ factories in Thailand, have been imported in bigger quantities, partially having replaced China-made goods in the Vietnamese market. This can show the attractiveness of Thai products on the domestic market.
Thai goods, in the eyes of Vietnamese consumers, have by far higher quality than Chinese goods, while they are not inferior to Chinese products in terms of designs.
Vietnam: Manufacturing to remain the key driver of growth
We expect robust exports, led by strong global demand for electronics, to continue to underpin solid economic growth over the remainder of this year with GDP forecast to rise close to 8%.
GDP growth was unchanged at 4.5% y/y in Q1. Manufacturing activity surged, while the recovery in service sector activity and construction continued albeit at a more subdued pace as some localised social distancing measures were reinstated.(more…)
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