Vietnam is now the “New Tiger” of ASEAN due to their impressive economic performance in recent years, supported by being an attractive export investment destination given low production costs, and a huge market with the population of over 91 million. As a result, foreign direct investment (FDI) has reached a record high and even surpassed Thailand for the first time in 2014. Vietnam became ASEAN's largest exporting nation to the US, overtaking Thailand and Malaysia, as well.
Certainly, their electronics industry is most promising given their export value and FDI that exceeded ours in 2014. That FDI growth came largely from South Korean companies manufacturing largely smartphones and tablets that are popular around the world.
In 2014, Vietnam's electronic shipments totaled USD50 billion, bettering the USD46.3 billion achieved here, making it the third largest electronics exporting nation in ASEAN after Singapore and Malaysia, and should grow 15 percent YoY between 2015 and 2019. We at KResearch project that Vietnam's electronics exports will reach USD100 billion by 2019, while ours will grow only 2 percent YoY to USD51 billion.
Given the dynamism seen in Vietnam, Thai manufacturers must make adjustments. Because the ‘Internet of Things' will become a global megatrend during the 21st century, the Thai electrical and electronics (E&E) industry should follow this trend using our own advantages to move beyond manufacturing for traditional E&E equipment. Thus, Thai public and private sector agencies should work together to promote us as an advanced electronics FDI center in the future. To achieve this, the government may need to introduce well-defined policies to foreign investors and improve skills within our workforce.
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