BANGKOK: As the domestic economy struggles and exports remain subdued, Thai enterprises are turning their attention to “CLMV” countries — Cambodia, Laos, Myanmar and Vietnam — where they see great potential from political stability, strong domestic demand growth, an emerging middle class, and their proximity to China and India.
This is a great opportunity for Thai exports to accommodate rapidly rising domestic demand and expansion to nearby consumer markets of three billion people. However, with these increased opportunities also come additional challenges.
The CLMV markets are now much more open, welcoming more foreign companies and increasing their participation in global value chains, which can pose a significant threat to the dominant role of Thai products. Notable Asian investors in CLMV along with
Thailand are China, Japan, Taiwan, South Korea and Singapore. It is commonly known that Thai products have enjoyed a strong brand presence in CLMV for a long time, even before these countries opened up their markets to the world. Most of Thailand’s top export products hold strong positions in various markets and often have a leading share.
