Vietnam emerging as a global manufacturing hub

31/03/2023

Vietnam has been playing an increasingly significant role in global supply chains, with foreign media such as The Economist and Nikkei Asia highlighting its huge advantages in the era of de-globalisation.

UK media outlet The Economist described Vietnam as a winner in the era of de-globalisation.

Since 2000, it wrote, Vietnam’s GDP has grown at a faster rate than in any other Asian country bar China, averaging 6.2% annually.

Vietnam possesses advantages in terms of geography, with more than 3,000 km of coastline, massive infrastructure spending on items, such as new roads, and electronics clusters that are operating profitably.

Nikkei Asia, meanwhile, said Vietnam has earned its status as a global production hub.

It is already the only economy of its size and development level to have cracked the top six in Apple’s coveted supplier list, it noted.

Vietnam’s success in attracting supply chain businesses was also highlighted. In particular, the country has recorded technology export growth that no substantial Asian rival has matched, it wrote, noting that high-tech goods as a share of exports hit 42% in 2020, up from 13% in 2010.

With such assessments, Vietnam is clearly emerging as an important link in the global supply network and is likely to become one of the largest manufacturing hubs in the world./.

Source: Vietnam Plus

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