According to Ms. Hoang Nguyet Minh, Savills Hanoi Associate Director of Investment, Vietnam enjoys numerous advantages in labor costs and infrastructure in addition to trade deals. Vietnam also has one of the most competitive tax policies in Asia. Companies can benefit from privileges in corporate income taxes and exemption of tax on goods imported as fixed assets and land leases.

According to Turner & Townsend’s 2019 Survey on Construction Costs, Vietnam is one of the markets with the most competitive industrial construction costs. Moreover, multinational companies facing pressure to cut costs that manufacture high-value products such as electronic devices tend to shift their manufacturing to Vietnam, contributing to the development of local supply chains.