Vietnam Maintains Export, Import Growth Despite Covid
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Photo: VGP

VietnamBriefing, a business news website on doing business in Vietnam, recently published an article highlighting the country’s special factors in attracting foreign investors compared to other regional production sites.

"Vietnam is experiencing continued and unprecedented growth relative to other low-cost countries. Foreign investors are increasingly choosing Vietnam as a China plus one destination to combat rising costs in China and other unpredictable scenarios, such as trade shocks," the article said.

The US-China trade war and the Covid-19 outbreak have both impacted manufacturers in China and their supplies to global markets. Vietnam’s northern provinces are well-positioned as a destination for China+1 manufacturing and oil and gas, and more recently for high-end manufacturing processes, such as auto manufacturing. Meanwhile, in the Ho Chi Minh City area, a prospective investor will find a vibrant commercial center with a deep and diversified supply chain.

“Vietnam’s pursuit of foreign investment, competitive costs, free trade agreements, and liberal investment environment have made it an ideal location for investors seeking to reduce costs and diversify supply chains,” it said.

Photo: VNA

The writing also analyzed Vietnam’s competitive edge in terms of labor costs, political climate, infrastructure, working environment, and flexible administrative system.

In the current framework, as countries such as Vietnam develop into a prominent regional manufacturing hub, companies entering the market need to consider workforce availability and implement appropriate HR strategies to source an appropriate workforce as well as attract and retain the best talent, it said.

In another article about foreign investment into Vietnam, VietnamBriefing quoted Dustin Daugherty, Head of North American Desk for Dezan Shira & Associates as he said “Vietnam enjoys a high degree of regional diversity, and the North, Center, and South all have particular competitive advantages for different industries and types of businesses.”

The article highlights that Vietnam already spends up to 5.7 percent of its GDP on infrastructure. A total investment value of US$120 billion has been planned for PPP projects in the road and power sectors.

"While Vietnam stands to be affected by the pandemic, its overall positive growth rate provides a partial buffer," said the article.

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