Vietnam boasts high potential to become new global production hub: expert
Vietnam has high potential to become a new production hub of the world in the context of the current transition of the supply chain, said Dr. Ho Quoc Tuan, a senior lecturer at Bristol University in the UK.
London (VNA) – Vietnam has highpotential to become a new production hub of the world in the context of thecurrent transition of the supply chain, said Dr. Ho Quoc Tuan, a senior lecturerat Bristol University in the UK.
Speaking to Vietnam News Agency (VNA)correspondents in the UK, Dr. Tuan said that the COVID-19 pandemic and US-China tradetension are major factors prompting the shift in the global supply chain, mostlyfrom China to other countries in the region.
He said the urgent need to diversify the global supply chain has created good chances for Vietnam to become one ofthe new production hubs of the world.
Vietnam is one of the countries that aremost mentioned for the capacity of joining the global supply chain. Statisticsshowed that many big firms, including top US companies such as Intel and Apple,have moved their production to Vietnam. The country has also been listed as acompetitor of China and India in these countries’ reports thanks to itsadvantages in low-cost labourers and attractive incentives for foreign investors.
However, Dr. Tuan underlined that Vietnamshould take timely moves to optimise its potential and opportunities.
He recommended that the country should improve the quality of human resources, infrastructure including internet and transport, and speeding up economicdigital transformation and technology application.
Tuan asserted that in order to overcome competitors in the region, Vietnamshould accelerate infrastructure development and digital economy, while designing suitable policies to encourage investmentin human resources development.
At the same time, Vietnam need acomprehensive industrial development strategy, ensuring that not only foreignbusinesses but also domestic firms access preferential policies, enabling botheconomic sectors can invest in production at low cost, he said.
The strategy should focus on a number ofspearhead industries, while boosting agriculture development.
The expert warn that India is also emergingas a good choice to replace China, with a high possibility of becoming a growthpole in South Asia. If Vietnam fails to become a growth pole in the region, itwill miss the chance to other countries near India, he stressed.
He emphasised that it is the time for Vietnam to quickly reform and make a breakthrough in growth by launching a comprehensive industrialstrategy with specific, ambitious and feasible targets./.
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An automobile production line (Source: VNA) 
