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Swiss daily: Vietnam becomes a new destination for foreign companies

Swiss daily Tribune de Gèneve has recently published an article hailing Vietnam as a new destination for foreign companies.
Swiss daily: Vietnam becomes a new destination for foreign companies ảnh 1Vietnam recorded the strongest economic growth in Asia in 2022. (Photo: VNA)

Geneva (VNA) – Swiss daily Tribune de Gèneve hasrecently published an article hailing Vietnam as a new destination for foreigncompanies.

The article said Vietnam recorded the strongest economicgrowth in Asia in 2022 following a period of closure due to the COVID-19 pandemic.Switzerland is well-positioned to leverage advantages brought about by theVietnamese economy. Two-way trade between Switzerland and Vietnam hit about 3.2billion USD in 2020.

Hundreds of Swiss companies have been among the mostimportant European investors present in Vietnam. In particular, the Swissindustrial equipment sector should fully tap the growing trend of "Made inVietnam" products.

According to the article, the industrial boom in Vietnam couldbe clearly felt when entering the Van Trung Industrial Park, which is an hour'sdrive to the north of Hanoi. Early in the morning, many people were lining upin front of recruitment office of Foxconn - the most famous subcontractor forApple. In front of a large dormitory for workers, there is also a large posterwith a notice that Foxconn is recruiting 10,000 employees with favourableworking conditions.

Swiss daily: Vietnam becomes a new destination for foreign companies ảnh 2A smartphone production line of the Samsung Electronics Vietnam Co. Ltd (Photo: VNA)

Foxconn is not the only factory hiring a large number ofworkers. Not far away, LuxShare, a competitor, is announcing that it willrecruit 13,000 new employees. An automobile supplier is seeking 700eligible positions while a solar panel manufacturer is announcing therecruitment of 6,000 positions.

Large industrial zones arebeing built and taken over by advanced electronics manufacturers, said thearticle.

The Republic of Korea's electronics conglomerate Samsung inaugurated a brand newresearch and development centre in Hanoi in December 2022. It also plans toinvest around 3.2 billion USD to produce semiconductors in a neighbouringprovince. The US’s semiconductor equipment company Amkor Technology will soonopen a factory near the airport. And Pegatron of Taiwan (China) that producescomponents for electric carmaker Tesla and assembles iPhones, has recently begunoperations near Ha Long Bay.

The article attributed Vietnam's above-said attraction to various factors such as a stable investment environment, 15free trade agreements, including one signed in 2020 with the European Union(EU), helping Vietnam become a hub of industrial production at affordablecosts.

Vietnam is being rated by foreigninvestors as a top priority for investment. Therefore, the country will continue towitness the emergence of super factories in the future, it concluded./.

VNA
#Tribune de Gèneve #Vietnamplus #Vietnam News Agency #Swiss companies #Amkor Technology #electronics manufacturers #Van Trung Industrial Park #economic growth #Foxconn #Samsung Switzerland Vietnam
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