Việt Nam an emerging destination for foreign companies: Swiss daily

February 23, 2023 - 07:14
The article said Việt Nam recorded the strongest economic growth in Asia in 2022 following a closure period due to the COVID-19 pandemic.
A smartphone production line of the Samsung Electronics Vietnam. — Photo courtesy of the firm

GENEVA — Swiss daily Tribune de Gèneve recently published an article hailing Việt Nam as an attractive new destination for foreign companies.

The article said Việt Nam recorded the strongest economic growth in Asia in 2022 following a closure period due to the COVID-19 pandemic.

Switzerland is well-positioned to leverage advantages brought about by the Vietnamese economy and two-way trade between Switzerland and Việt Nam hit about US$3.2 billion in 2020.

Hundreds of Swiss companies have been among the most important European investors present in Việt Nam. In particular, the Swiss industrial equipment sector should fully tap the growing trend of "Made in Vietnam" products.

According to the article, the industrial boom in Việt Nam could be clearly felt when entering the Văn Trung Industrial Park, which is an hour's drive to the north of Hà Nội.

Early in the morning, many people lined up in front of the recruitment office of Foxconn - the most famous subcontractor for Apple.

In front of a large dormitory for workers was a large poster with a notice that Foxconn was recruiting 10,000 employees with favourable working conditions.

Foxconn is not the only factory hiring a large number of workers.

Not far away, competitor LuxShare announced it would recruit 13,000 new employees. An automobile supplier is seeking 700 eligible positions, while a solar panel manufacturer is announcing recruiting for 6,000 positions.

Large industrial zones are being built and taken over by advanced electronics manufacturers, said the article.

The Republic of Korea's electronics conglomerate Samsung inaugurated a new research and development centre in Hà Nội in December 2022.

It also plans to invest around $3.2 billion to produce semiconductors in a neighbouring province.

The US semiconductor equipment company Amkor Technology will soon open a factory near the airport. Pegatron of Taiwan (China), which produces components for electric carmaker Tesla and assembles iPhones, has recently begun operations near Hạ Long Bay.

The article attributed Việt Nam's above-said attraction to various factors, such as a stable investment environment and 15 free trade agreements, including one signed in 2020 with the European Union (EU), helping Việt Nam become a hub of industrial production at affordable costs.

Foreign investors rate Việt Nam as a top priority for investment. Therefore, the country will continue to witness the emergence of super factories in the future, it concluded. VNS