Vietnam is considered an attractive destination for multinationals amid the wave of displacement of industrial production, as companies have stated during their attendance at the International Exhibition of Machine Tools and Metallurgical Solutions for Production Modernization (METALEX Vietnam 2023). ) in Ho Chi Minh.
The Southeast Asian country has welcomed an influx of investments from many tech giants such as Foxconn, Samsung and LG. However, efforts must be made to develop green energy and high-quality human resources to meet the demands of investors.
Investors take social and environmental responsibility into account before injecting capital or creating joint ventures with Vietnamese companies.
General Director of RX Tradex Vietnam, Vu Trong Tai, stated that in order to capitalize on foreign investment and the expansion of industrial production, Vietnamese producers must improve their competitive advantage by modernizing machines, applying cutting-edge technologies to production and improving the quality of human resources.
He especially emphasized that support industries and electronics have enormous potential to join the global value chain.
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For his part, Hirabayashi Tomoya, representative of the business and marketing division of Yahama Vietnam, stated that the world’s main technology brands have reinforced promotion in the Vietnamese market, since they see Vietnam as an attractive place for industrial production in the ASEAN.
Investors take social and environmental responsibility into account before injecting capital or creating joint ventures with Vietnamese companies
Experts noted that as demand for precise manufacturing and production of electronic devices increases in the country, new solutions and technologies will help Vietnamese producers improve their productivity.
Vietnam’s economic recovery since the beginning of this year has been largely driven by industrial production, especially stable FDI inflows.
In Ho Chi Minh alone, some USD 406 million were registered in 860 new FDI projects between January and September, representing an increase of 16.7% and 51.7%, respectively.
As for the industrial sector, the city granted business licenses to 6,941 companies that registered more than VND 94.9 trillion (USD 3.88 billion) for their operation.
Article republished from the Vietnamese state media VNA within the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/vietnam–promising-destination-for-industrial-production-shift/269154.vnp
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Source: https://reporteasia.com/economia/industria/2023/10/07/vietnam-destino-prometedor-produccion-industrial/
