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Located in a strategic position for foreign companies with operations throughout Southeast Asia, Vietnam is an ideal export hub to reach other ASEAN markets.Ĭompared with other developing markets in the region, Vietnam is emerging as the clear leader in low-cost manufacturing and sourcing, with the country’s manufacturing sector accounting for 25 percent of the country’s total GDP in 2021.Ĭurrently, labor costs in Vietnam are approximately 50 percent of those in China at US$2.99 per hour compared to US$6.50 per hour respectively, and around 40 percent of those reported in Thailand and the Philippines.

Given the recent trade war between China and the US, alongside Vietnam’s recent free trade agreements such as the RCEP, the EVFTA, and the UKVFTA the country is steadily becoming more open to international trade and investment. In the past few years, a growing number of businesses have relocated their operations from China to Vietnam in an attempt to escape rising costs and an increasingly complex regulatory environment. Recent trends show that the number of orders shifting from China to Vietnam has seen a significant increase.įor example, China’s Pearl River Delta, long known as one of the key factory centers for the world’s manufacturers (particularly those from Hong Kong) has now become too costly for many companies to stay in the region. With its rising costs, China is no longer the go-to destination for many businesses, and Vietnam has arisen as a serious competitor. Vietnam Briefing highlights gives an overview of the industries primed for import and export activities.

Upbeat growth projections are set for the country’s import-export business as the global economy resumes.As Vietnam transforms into a global manufacturing hub, it has emerged as an effective relocation destination also known as the China+1 strategy.

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