(VOVWORLD) -Vietnam is gaining more attention as it has the potential to become a new manufacturing hub of the world, Russia's Sputnik news agency reported lately.
 Japanese enterprises invest in Tan Thuan Export Processing Zone, Ho Chi Minh City. (Photo: Danh Lam/VNA) |
The news site cited Vietnam's exports hitting a record high with many "Made in Vietnam" products being increasingly available in quantity and having a larger market share globally. New and adjusted foreign direct investment (FDI) projects, which increased capital by hundreds of millions of USD in the first days of 2022, shows investors' confidence in Vietnam's economic recovery prospect, said Sputnik.
In addition to giants Samsung, Nokia or Intel, other production projects have been announced by big or authorized corporations such as Foxconn and Pegatron, which are specialized in manufacturing and assembling components for Apple, Wistron, and LEGO have boosted investment in Vietnam. Experts were quoted by Sputnik as saying Vietnam's rising orders are mainly due to its abundant labor force, their high and stable skills, and the assurance of product quality as required by partners. The factory system is well invested in Vietnam, labor costs are still at a competitive level despite increases in recent years.
The majority of FDI enterprises continue to consider Vietnam as an attractive investment destination, with stable political advantages, gradual opening of administrative procedures, and reduced inspection and unofficial costs. Moreover, initial successes in disease control, political stability, the constantly improving business environment, and international trade and investment incentives have made Vietnam a bright spot in FDI attraction, according to Sputnik.