Thai media spotlights Vietnam's role in global supply chain
(VOVWORLD) - Thai media on Monday posted an article highlighting Vietnam's role in a global supply chain that has been undergoing a significant transformation, marked by its increasing importance as a manufacturing hub and a source of high-demand exports.
 A production line of a Japanese-invested firm at the Quang Minh industrial park in Hanoi (Photo:VNA) |
According to the article, published on nationthailand.com, an English-language news website, Vietnam has attracted more than 25 billion USD in foreign direct investment (FDI) since the beginning of this year. Pledges from China were the highest at 8.2 billion USD in the first 11 months, twice as much as in the same period last year. Industry experts say the increasing FDI growth is propelling Vietnam up the value chain, it said.
The article cited Fion Ng, chief operating officer at BW Industrial, as saying that the company sees a strong surge in leasing inquiries by more than 75% year on year. More than 40% of Vietnam's total exports are made up of high-tech related goods.
This is also reflected in tenants' profile of BW Industrial, where more than 40% of its factory space taken out by tenants are from high-tech and electronics-related industries. Lower labour cost and greater connectivity have made Vietnam extremely attractive to global companies, according to the article.
By the end of July, Vietnam had signed 16 free trade agreements with major economic partners and is also part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CTPPP) and the Regional Comprehensive Economic Partnership (RCEP).