A number of industrial experts in Bangkok also warned that Thai traders and manufacturers are in danger of losing their competitiveness in the strategic markets, given that the US plans to establish Trans-Pacific Partnership (TPP) agreements with Australia, New Zealand, Chile, Singapore, Brunei and Vietnam in the future.

Economists predicted that Vietnam will become the main competitor with Thailand in exports. Despite this year’s predicted 10.5 percent Thai export growth, the devaluation of the Vietnamese currency (VND) and the fact that some Thai exporters are not well prepared for the Free Trade Agreements (FTA) have slowed down Thailand’s commercial growth.

Deputy Chairman of the National Thai Ship Association (NTSA), Vallop Vitanakorn said that some of the country’s main industries, including garments and textiles, agriculture and food processing are losing out their competitiveness to Vietnam. Sukij Kongpiyacharn, vice president of Thai Garment Manufacturing Association, said US importers will choose Vietnam’s garment and textiles if the TPP is established and the country finalises the FTA with the US.