At the groundbreaking ceremony of LEGO Group's 1.3 billion USD project in Binh Duong provice. (Photo: VNA) The article said Vietnam is looking to shift away from heavyindustry and becoming more selective in the sectors it promotes for foreigninvestment. “Building upon its status as a manufacturing hub for global brands,it is orienting itself towards technology, embracing more technical industries.”
The author said that the Vietnamese government has made aconcerted effort to attract investment through a variety of incentives. In ASEAN,the country ranks behind only Indonesia and Singapore in terms of internationaltrade relationships.
One of the most promising recent developments has been itsstrategic partnership with the Republic of Korea, which has already brought innearly 18 billion USD in investment from Samsung alone.
Japan is a long-standingtrading partner of Vietnam, and in the past decade, Japanese corporates haverelocated production to the country en masse. Meanwhile, the EU is a majorpartner for Vietnam – the country’s third largest export market and its fifthlargest partner for imports.
The article noted that international companies, prompted bygovernment regulation and industry-wide ESG (Environmental, Social, andGovernance) commitments, are increasingly applying sustainability standardsacross borders through their supply chains. Vietnam is raising its own ESGstandards accordingly to maintain their valuable trade relationships.
The author said international interest in financingSoutheast Asia’s energy transition is certainly there. The challenge for ASEANnations, including Vietnam, is upgrading and optimizing their existinginfrastructure which will be a costly and time consuming endeavour./.
VNA
