“The information released by the TGMA shows that five leading garment
makers of Thailand plan to move their production bases to Vietnam for a
combined investments capital of US$50 million. They are namely Hong Seng
Knitting Company, Hi-Tech Apparel Company, Nice Apparel Company,
Liberty Garment Company and Golden Thai Industry Company.
” “..
Besides, Indorama, an international fiber maker and a key player of Thai
textile and garment industry, is also following this trend. The
company’s top management made official visits to Vietnam in March to
seek investment opportunities as well as trade co-operation with local
partners.
” “..
The TGMA expressed its concern that there would be an increasing number
of Thai manufacturers moving their factories out of the country to
cheaper destinations such as Bangladesh, Indonesia, Cambodia and
Myanmar.
” “..
If the situation persists, the number of factories in Thailand will drop
drastically in the future. There are currently 1,600 garment factories
in the country, compared to 2,600 garment factories in 2005.
”
Date:4/17/2011
Source:SME Times