Bangkok (VNA) – Many Thai garment and textile manufacturers are expanding their production to neighbouring countries to make use of low costs and tax incentives, according to the Thai Garment Manufacturers Association (TGMA).
Accordingly, Thailand’s fabric export will see a strong growth from the kingdom’s neighbouring countries, especially Vietnam and Cambodia. Meanwhile, the fabric export from Thailand is predicted to fall 7 percent to 2.55 billion USD.
Vallop Vitanakorn, an advisor from TGMA, said after expanding production activities to these countries, the fabric turnover of Thai companies is expected to reach 21 billion THB (600 million USD) this year and the figure will increase 40 percent in 2017.
ꦯ In general, Thailand’s garment and textile exports are forecast to fetch more than 3.15 billion USD in 2016.-VNA
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Illustrative image (Source: wsj.com)
