This chapter provides an analytical framework to evaluate the patterns of governance arising in value chains led by global buyers and their impact on suppliers’ performance with specific reference to the Thai manufacturing industry. The rapid export growth has also been accompanied by rapid growth in private investment, both local and foreign. The concept of a value chain describes the full range of activities that are required to bring a product from its conception, through the different phases of production, to its end use and beyond. Asian countries offer some of the most interesting case studies for analysis of value chains. Thailand represents an attractive case of study in this context, due to the significant increase in value chain networks, and the important challenges the country is presently facing. The chapter explores explore the relationship between firms’ productivity and governance, focusing on the three groups of firms, namely MNS, EXP and DOM.