(VOVWORLD) - Counterpoint, a global industry analysis firm based in Hong Kong (China), reported on Tuesday that Vietnam is moving up in the global supply chains.
 A assembly of electronic devices and lighting equipment for cars and motorcycles at Japan-invested Stanley Electric Vietnam Co., Ltd. in Hanoi. (Photo: Danh Lam / VNA) |
An article posted on counterpointresearch.com said that in an era of protectionism, where many economies are affected by the COVID-19 pandemic, Vietnam is emerging as one of the attractive destinations for export manufacturer. From 2020-2026, Vietnam's electronic manufacturing services (EMS) market will grow at an annual rate of 5%.
The article argues that the positive factors that make Vietnam a prime location for manufacturers include the continuous improvement of investment and business policies, participation in bilateral and multilateral free trade agreements, increased FDI capital and favorable geographical position.
In addition, according to the article, Vietnam is known for its comprehensive strategies, spanning 5-10 years, like ‘Made in Vietnam 2025: Industrial Policy and Strategy 2025’ and Vision for 2035. These policies have not only helped in changing Vietnam’s growth story which started 30 years ago but have also facilitated absorption of industry from China, said the article.