The most recent data, including the first months of 2021, confirm that global manufacturing production continues to recover, following a major drop during the first half of 2020 due to COVID-19. However, the pace of recovery is unequal. While manufacturing production in some countries, such as China, has reached and exceeded its pre-crisis production level, other countries still show only weak signs of recovery.
Vietnam is likely the top-performing Asian economy in 2020 — a feat achieved without a single quarter of economic contraction when many economies globally were weighed down by the Coronavirus pandemic.
Not every Asian economy has reported fourth-quarter and full-year economic numbers, by CNBC from official available sources and institutions such as the International Monetary Fund showed Vietnam outperforming all its regional peers last year.
Manufacturing is an essential part of a developing economy. And with more and more foreign investors start manufacturing businesses in Vietnam, it has become even more important to make early-stage product development and production accessible locally.
It can be said that COVID 19 makes big changes to the global business, many big giants now start seeking for a second manufacturing outsourcing option or consider to move their sourcing from China to the third country.
To maintain growth momentum and move up international value chains, businesses in Vietnam should focus on enhancing their capabilities in three areas: talent, technology and governance, Ms Dinh Thi Quynh Van, General Director of PwC Vietnam, told the Vietnam Business Summit 2018 held in Hanoi on September 13.
Vietnam’s leading exhibition on machinery and technology for manufacturing and supporting industries, Vietnam Manufacturing Expo (VME) 2018, was kicked off last week with the aim of presenting technologies, solutions and practical experience for smart factories to support Vietnamese manufacturers in overcoming the early challenges of Industry 4.0.
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