Vietnam Manufacturing Industry (Hanoi)
Vietnam is becoming Asia's new manufacturing hub, replacing China. This small Southeast Asia country has successfully transformed itself one of the most attractive investment destinations in the world thanks to its such comparative advantages as low labor cost, tax incentives and favorable location in supply chain.
Besides, Vietnam's outstanding growth performance at >6 percent in average during the world's slowdown period ( Protected content ) and successful join important FTAs (TPP, AFTA, EVFTA, etc) couldn't be separated from its attractions to foreign investors.
Meanwhile China is losing its static comparative advantages. After China's economic boom, labor wages are 3 times higher than Vietnam at the moment. The economy didn’t reach expectation, at 6.9% in Protected content , the lowest growth in the last 25 years. As a result, foreign manufacturers have to find other places to move their plants to cut costs.
Vietnam saw a considerable surge in foreign direct investment (FDI) flow over the past 10 years and it's expected to be on the rise. In Protected content , Vietnam attracted US$22.76 billion in FDI, 12.5% increase compared to last year with Protected content licensed projects and Protected content financed projects. The figure is expected to be on the rise as foreign investors want to take full advantages of FTAs (TPP, AFTA, etc). About 70% of total FDI is in manufacturing sector: electronics, garment, textile, footwear, automotive, food and beverage, etc.
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