Vietnam considered promising destination for world’s big names
Vietnam is said to be a destination for many major companies in the world, as the disruption of production activities due to the COVID-19 pandemic in China has forced them to find ways to move part of their production lines out of this country.
Hanoi (VNA) - Vietnam is said to be a destination formany major companies in the world, as the disruption of production activitiesdue to the COVID-19 pandemic in China has forced them to find ways to move partof their production lines out of this country.
Consultant Henrik Bork of Asia Waypoint said that more andmore Chinese consumer electronics manufacturers such as Luxshare PrecisionIndustry, Goertek and Pegatron have recently set up new factories in Vietnam.
In its article in early June, Nikkei Asia wrote that for thefirst time ever Apple is moving some iPad production out of China and shiftingit to Vietnam.
German English-language news site DW reported thatcompanies, especially those operating in the electronics industry, areinvesting much in Vietnam. In February, the Republic of Korea's leadingelectronics group Samsung announced that it would invest an additional 920million USD in the Southeast Asian country.
According to assessments, global companies like Apple aremoving production to Vietnam mainly due to high wages in China and intenseUS-China trade competition. The administration of US President Joe Biden islooking to diversify the global supply chain, and Vietnam is considered to havean important role in this policy.
In addition, Vietnam currently has a young labour force anda competitive manufacturing industry, and also boasts a sea route easy forexports, which has made many European Union (EU) and Asian countries sign freetrade agreements with it.
DW quoted Daniel Müller, manager at the German Asia-PacificBusiness Association, as saying: "It currently looks as if, in particular,medium-sized companies are increasingly striving to enter the Vietnam market.”
Vietnam has become a more attractive destination forinvestors, Raphael Mok, head of Asia Country Risk at Fitch Solutions, told thenews site./.
Due to China's strict zero-COVID policy and disrupted supply chains, more and more German companies in Asia are looking for alternatives and neighbouring Vietnam has become a new target, the German weekly business news magazine WirtschaftsWoch wrote in an article published on May 29.
Vietnam's active economic performance in recent years has captured the attention of some major European firms, said German English-language news site DW in a June 8 article.
Vietnam is again in the spotlight after Apple’s move to shift production activities to this Southeast Asian country, according to TRT World page of Turkish Radio and Television Corporation.
Despite the strong headwinds brought about by the COVID-19 pandemic, Vietnam, with its resolute and flexible economic solutions, has regained growth momentum and the confidence of foreign investors. The country continues to be an attractive destination for foreign enterprises, including those from the Republic of Korea.
With a clear development strategy, proactive investment attraction and strong policy support for sustainable agriculture, Tay Ninh is positioning itself as a major hub for high-tech livestock farming in the southern region.
As Vietnam’s largest private carrier, Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years.
The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
In mid-June, the Vietnam Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade (MoIT) in collaboration with Alibaba.com announced a list of 200 outstanding businesses selected to participate in the "Vietnam National Pavilion" in 2025.
Vietnamese seafood processing and export enterprises are in the process of completing procedures and adopting necessary technologies to bring their products into the Halal market.
The PM outlined a dual strategy: revitalising traditional growth engines of investment, exports, and consumption, while accelerating breakthroughs in sci-tech, innovation, digital transformation, and green transition.
The complex, covering a total area of 512 ha, is designed after a multi-functional model, prioritising the preservation of natural landscapes, honouring local beauty, and creating an ideal living area.
He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
The Ministry of Finance is drafting policies to establish specialised AI and smart industrial parks to raise the technological profile of FDI projects and create spillover effects for local businesses.
Vietnam ranked as the 8th largest export market of Singapore with an export turnover of more than 11.7 billion SGD (9.06 billion USD) in the first five months of this year, four places higher than that of the same period last year.
Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
Illustrative image (Photo: VNA) 
