Business

Supporting industry giants favour Vietnamese market

In the last months of 2023, a lot of supporting industry giants have announced their strategies to penetrate the Vietnamese market, given the fact that the country has become a strategic destination in the global supply chain.
Supporting industry giants favour Vietnamese market ảnh 1Vietnam has become a strategic destination in the global supply chain (Photo: VNA)
HCM City (VNA) - In the last months of 2023, a lot of supportingindustry giants have announced their strategies to penetrate the Vietnamesemarket, given the fact that the country has become a strategic destination in theglobal supply chain.

Most recently, DKSH, a leading MarketExpansion Services provider, announced a strategic partnership with ACROBiomedical Co., Ltd of China’s Taiwan, a pioneer in the production ofcutting-edge medical material for the application of tissue engineering andregenerative medicine.

Under the terms of this partnership, DKSHwill offer a comprehensive portfolio of services ranging from warehousing,distribution, logistics, to marketing and sales to ACRO’s products. Thiscollaboration leverages DKSH’s deep global experience and extensive marketnetwork in Vietnam to improve the accessibility of advanced medical materialsacross the country.

UK manufacturer and distributor of industrial components Essentra Componentsrecently said it will expand its distribution system in Vietnam to better servelocal customers.

Supporting industry giants favour Vietnamese market ảnh 2Illustrative image (Photo: VNA)
The strategic move, the company said,aligns with the ongoing trend of global supply chain relocation, as majormultinational corporations increasingly select the nation as a preferreddestination for investment and production.

With more manufacturers moving into newterritories as they look to diversify and become less reliant on one area, theyneed partners that can move with them and continue to offer the same level ofservice they’re accustomed to, said Scott Fawcett, CEO of Essentra Components.

The company’s expansion into Vietnam is asolution to that very problem and will give its customers the reassurance thatservice can continue without interruption, whilst being provided the level ofservice and support they expect, he said.

The scale of Vietnam’s industrial componentmanufacturing industry is forecast to increase by 6.6% in 2023, contributing toattracting the shifting trend in the global supply chain to Vietnam. In fact,large corporations such as Apple and LEGO have now begun building major productionfacilities in Vietnam.

According to experts, as Vietnam is one ofthe fastest growing markets in Asia, it has become an attractive and unmissabledestination for global manufacturers and multinational corporations.Furthermore, when participating in the Vietnamese market, global manufacturersand multinational corporations are also able to open the door to reach potentialcustomers in the Asia-Pacific region./.
VNA
#Vietnam #supporting industry giants #global supply chain #DKSH #ACRO Biomedical #Vietnamplus #Vietnam News Agency
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