Vietnam sees opportunities to emerge as global supply chain moves
Stable economic growth has made Vietnam an attractive destination for foreign investors particularly amid current changes in the global supply chain, according to a recent article published by The Economic Times.
The Van Trung industrial park in Bac Giang province (Source: VNA)According to the article, a disruption of international trade, resulted from the US-China trade conflict and the COVID-19 pandemic, has necessitated a rethink on the supply chain. Earlier, supply chains were designed to keep costs low. In the post pandemic era, supply chains are being reworked to reduce the risks of future disruptions.
The international community is looking to move towards relocating supply chains to India and Vietnam, it said.
The article cited a recent Q2 Barometer report by QIMA, which showed that Vietnam and India came emerge as alternative sourcing locations.
Accordingly, Vietnam’s reforms allow foreigners to own property as well as majority holdings in Vietnamese companies. Consistent economic growth has also made Southeast Asian nation attractive for foreign investment.
The QIMA global sourcing survey showed that 43 percent of US-based respondents described Vietnam among their top three buying geographies as of early 2021 and around one-third of buyers globally./.
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