(VOVWORLD) -Vietnam has increasingly become a burgeoning industrial hub, especially for tech and apparel, according to an article published by India’s stattimes.com.
 Workers of Chien Thang Apparel Company make protective suits. (photo: Phuong Hoa/ VNA) |
The article said while parts of Asia are still recovering from the global pandemic, Vietnam’s economy has boomed, reaching an impressive 8.02% increase in GDP by the last quarter of 2022 – that’s faster than other major regional economies in Asia. Its export revenue hit 372 billion USD, up 10% year-on-year.
Analyzing Vietnam’s momentum for industrial growth, the article said that the country has a competitive labour force, low manufacturing costs, and a strategic location along a coast of 3,200km.
Another reason is that more companies are moving in Vietnam which is the world’s second-largest manufacturer of tech and apparel, with big brands like Nike, Adidas and Samsung operating across the country. Google’s newest Pixel phone, too, will be made in Vietnam, while Microsoft started shipping Xbox game consoles from Ho Chi Minh City in 2022, according to stattimes.com.
It said that Apple supplier Foxconn is investing 300 million USD to expand their factories in the north of Vietnam, while Dell, HP, Nintendo and Lenovo are all planning on setting up plants in the country.
The Vietnamese government has been making strong efforts to promote trade between Vietnam and the world. Vietnam has signed several free trade agreements with the EU, the UK, and countries in the Asia-Pacific, opening up more trade opportunities, the article said.