9:54:52 AM | 8/20/2026
Thailand has consistently ranked among the top 10 investors in Vietnam for many years. Thailand’s investment has exceeded US$15 billion, driven by major corporations such as Central Group, Siam Cement Group (SCG), C.P. Group, Amata Corporation, and TCC Group, with investments spanning renewable energy, retail, manufacturing, and processing.
Thai investors first entered Vietnam in 1992 with relatively modest investments totaling just over US$50 million during the first two years. Investment accelerated rapidly after 1995, when Vietnam officially joined ASEAN, as capital flows from the region, including Thailand, increased. In 2025 alone, Thailand invested in 43 projects in Vietnam with total registered capital exceeding US$1.15 billion, up 19.4% from 2024. As of the end of June 2026, Thai investors had 804 active projects in Vietnam with total registered capital of more than US$15.4 billion.
Over the past decade, Thailand’s investment in Vietnam has shifted from large-scale mergers and acquisitions (M&A) to generating returns from previously acquired assets. Once focused mainly on retail and consumer goods, Thai investment has expanded into petrochemicals, logistics, industrial parks, energy, and infrastructure.
Major Thai corporations have continued to expand their operations and deepen their presence in the Vietnamese market, reflecting confidence in Vietnam's long-term growth potential. Leading investors include Central Retail Corporation, SCG, C.P. Group, Amata, WHA Group, and Bangkok Bank.
Among them, SCG, Thailand's largest industrial conglomerate with more than three decades of operations in Vietnam, reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of VND34.85 trillion (US$1.34 billion) in the first six months of 2026, up 35% year over year. Net profit reached VND10.23 trillion (US$394 million). Revenue from its Vietnam operations totaled approximately VND37.12 trillion (US$1.42 billion) in the first half of the year, up 126% from the same period last year.
Amata City Song Khoai Industrial Park in Quang Ninh Province, developed by Thailand's Amata Group
According to SCG, the main drivers were the resumption of commercial operations at the Long Son Petrochemicals Complex, its largest investment project in Vietnam, at the end of 2025, along with the recovery of its building materials and packaging businesses. SCG has also announced an additional US$500 million investment in the Long Son Petrochemicals Complex. This will raise the project's total investment to approximately US$5.6 billion by 2027, reinforcing the company's long-term commitment to Vietnam.
SCG also operates an extensive network of businesses in Vietnam, including Prime Group, Binh Minh Plastics, Duy Tan Plastics, SCGP Vietnam, and cement, building materials, and packaging plants. This ecosystem allows the group to benefit from growth across different sectors of Vietnam's economy rather than relying on a single business segment.
Central Retail, one of Thailand's leading retailers operating the GO!, Tops Market, and LanChi Mart hypermarket chains, as well as shopping malls, recorded revenue of approximately 15.1 billion baht (US$467 million) in the first quarter of 2026, up 26% year over year and accounting for about 23% of the group's consolidated revenue. Vietnam remains Central Retail's fastest-growing market outside Thailand. The company plans to open 12 additional hypermarkets in Vietnam over the next three years to further expand its retail network and market presence.
In the industrial real estate sector, Amata Corporation reported first quarter 2026 net profit of approximately 1.37 billion baht (US$42.38 million), up 67% year over year, driven mainly by higher revenue from industrial land transfers. Vietnam is one of Amata's key markets, with projects including Amata City Bien Hoa, Amata City Long Thanh, and Amata City Ha Long.
WHA Group, a provider of logistics solutions, industrial park development, and industrial utility infrastructure, also reported strong first quarter growth, driven by its industrial park and logistics businesses. Its revenue of the first quarter of 2026 reached approximately 5.2 billion baht (US$160.84 million), while net profit totaled nearly 2 billion baht (US$61.86 million), up from the same period last year. The group plans to continue expanding its investment in Vietnam through industrial park, logistics, and clean water infrastructure projects in 2026.
A modern production line at Prime Group’s tile manufacturing facility, a subsidiary of Thailand’s SCG
Thai corporations' investment strategies in Vietnam have enabled them to generate strong returns despite ongoing volatility in global markets. Rather than pursuing short-term investments or focusing mainly on exports, they have built long-term production, distribution, and retail ecosystems by investing in or acquiring leading Vietnamese enterprises.
Vietnam is rapidly shifting toward a growth model driven by innovation, technology, and domestic consumption. This transition is creating opportunities in renewable energy, retail, the digital economy, logistics, and smart infrastructure, where Thai corporations are continuing to expand their investments. This direction aligns closely with Vietnam's sustainable development, green transition, and digital transformation goals.
By Quynh Chi, Vietnam Business Forum
