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.

Several of the world's largest technology corporations plan to shift their production chains to Vietnam post-COVID-19, according to the Ministry of Industry and Trade.

The US-China trade war and the Coronavirus previously put many giant companies in the new decision making, whether they should put their sourcing source to only one country (China) or should they start finding and adding new partners. 

With the Vietnamese economy producing an 11-year record in growth with 7.08 % last year, high-profile international organisations are seeing the country as a big highlight in Asia with strong prospects to grow further in 2019.

With efforts to boost economic reforms and grab opportunities afforded by Industry 4.0 ­continuing apace, Vietnam ­is rising ever higher in the World Economic Forum’s rankings.

To avoid the US’ $200 billion tariffs slapped on Chinese goods, smartphone giant Apple’s manufacturers are looking to shift business from China to Vietnam and other Southeast Asian countries.

Vietnam received 58.1 points in the latest Global Competitiveness Report released by the World Economic Forum (WEF), a slight increase of 0.2 points from its 2017 score.

Vietnam gained 84 points for the second quarter of 2018 in the Business Climate Index (BCI), up six points from the previous quarter, according to new data from the BCI survey released by the European Chamber of Commerce in Vietnam (EuroCham) on October 4.

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.

The Ministry of Industry and Trade in collaboration with the Ministry of Science and Technology and Ministry of Planning and Investment organised a conference on robotics – mechatronics technology in the industrial revolution 4.0 in Hanoi on Tuesday.

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.

More Japanese businesses are investing in Vietnam to produce goods and then export them to the US instead of using China as a base.

Spurred by the surging export-oriented manufacturing and service sectors resulting from the country’s trade deals, Vietnam’s economic prospects are expected to remain bright.

Vietnam’s index of industrial production (IIP) increased 10.5% on-year in the first half of 2018, the General Statistics Office (GSO) reported.

Major foreign-invested automakers are eyeing expansions of their production sites in Vietnam, which believes the assumption that they would turn their full attention to imports after tariffs levied on vehicles made in ASEAN are abolished this year.

Business process outsourcing (BPO) is believed to be one of the five sectors with the greatest potential for growth and investment in Vietnam in the near future, along with solar and wind energy, luxury hotels, modern agribusiness and food, and retail banking, according to PwC’s ‘Spotlight on Vietnam’ report released in October 2017.

When people think of the automotive Factory of the Future, the first word that comes to mind is automation. They think of the “lights-out” factory that General Motors Chief Executive Roger Smith fantasized about in 1982 and Elon Musk talks about building today—plants so dominated by robots and machines that they don’t need lights to work.

Vietnam’s economy is getting brighter with local production strongly bouncing back. This has strengthened investors’ confidence.

Foreign giants that have made Vietnam their key manufacturing hubs are recording huge profits.

New Zealand and Australia have further cemented their trade and investment ties with Vietnam, in order to take advantage of tariff cuts under the three countries’ common trade pacts.

Vietnam’s economy has grown from strength to strength, with a great role played by the government and the country’s business community. Nguyen Mai, former vice chairman of the State Committee for Co-operation and Investment (now the Ministry of Planning and Investment), analyses the country’s journey over the past few decades.

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