|The processing and manufacturing sector in Việt Nam is being driven by a skilled workforce. VNA/VNS Photo|
HÀ NỘI — Việt Nam is regarded as an outstanding investment destination for high-value manufacturing with production capacity satisfying international investors, said Christopher J. Marriott, CEO of Savills Southeast Asia.
According to Marriott, investments in Asia-Pacific have shifted to manufacturing, supply chains and data centres.
The processing and manufacturing sector in Việt Nam is being driven by a skilled workforce. Currently, production and logistics costs for the import and export of goods in the country are at an attractive level. Import-export activity has also become more convenient thanks to the improvement of logistics networks.
Manufacturing costs in Việt Nam are also more competitive compared to other countries in the region, such as Singapore and China. Therefore, businesses are looking to alternative markets and Việt Nam is working well in catching those trends, especially in the post-pandemic period.
Dominic Harding, Senior Vice President and Head of Cross Border – Americas, said on the sidelines of the Savills Cross-Border Tenant Advisory APAC Conference 2022 in HCM City earlier this month that compared to China, India and Southeast Asian nations, Việt Nam was an attractive investment market with relatively low risks.
This helped to create momentum to lure investments from many tech firms and other businesses in the US, he said.
Việt Nam’s export turnover of processed industrial products in the first seven months of 2022 continued to make a major contribution to the overall growth rate of export activities with an estimated turnover of US$185.8 billion, up 16.1 per cent over the same period last year, and accounted for 85.9 per cent of the total export turnover, according to the Ministry of Industry and Trade. VNS