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Vietnam has room to develop high-value manufacturing: Cushman & Wakefield

Vietnam’s high-value manufacturing is expected to grow, with the government intent on increasing manufacturing’s share of the economy from 25% to 30% by 2030 by attracting more high-value manufacturing investment, said the “Strength through Diversification: Opportunities across Asia Pacific” report by Cushman & Wakefield.
Vietnam has room to develop high-value manufacturing: Cushman & Wakefield ảnh 1Vietnam's high-value manufacturing is expected to grow (Photo: VNA)
HCM City (VNA) – Vietnam’s high-value manufacturing is expected togrow, with the government intent on increasing manufacturing’s share of theeconomy from 25% to 30% by 2030 by attracting more high-value manufacturing investment,said the “Strength through Diversification: Opportunities across Asia Pacific”report by Cushman & Wakefield.

The global commercial real estate servicesfirm affirmed that Vietnam has the room to accommodate such growth with astrong concentration of electronics production in the northern region (Hanoi,Hai Phong), while the southern region (Ho Chi Minh City, Binh Duong, Dong Nai)has a mix of food, consumer goods and electronics manufacturing.

According to the report, Vietnam is a keybeneficiary of China plus manufacturing strategies due to close geographical proximityand wider regional/global connectivity.

Aside from its strategic location, Vietnamremains cost-effective with significantly lower labour costs compared to China.Further benefits come from a balanced mix of high value manufacturing such aselectronics and low value manufacturing such as garments, footwear and food.

In its report, Cushman & Wakefield saidthat the ASEAN bloc is fast establishing itself as a major growth focus withinthe Asia-Pacific, attracting healthy levels of foreign direct investment whichare expected to reach at record peak in 2022 of 223 billion USD.

Much of this growth has come as US- andEuropean-based corporations continue to expand and diversify their operations withinthe region, though Chinese manufacturers also continue to expand theirpresence. The northern region of Vietnam, such as Hai Phong and Hanoi, has attractedstrong investment from China’s and the Republic of Korea’s manufacturers givenits close proximity as well as its strong geographical connectivity regionallyand globally, it added./.
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