Vietnam considered promising destination for world’s big names
Vietnam is said to be a destination for many major companies in the world, as the disruption of production activities due to the COVID-19 pandemic in China has forced them to find ways to move part of their production lines out of this country.
Hanoi (VNA) - Vietnam is said to be a destination formany major companies in the world, as the disruption of production activitiesdue to the COVID-19 pandemic in China has forced them to find ways to move partof their production lines out of this country.
Consultant Henrik Bork of Asia Waypoint said that more andmore Chinese consumer electronics manufacturers such as Luxshare PrecisionIndustry, Goertek and Pegatron have recently set up new factories in Vietnam.
In its article in early June, Nikkei Asia wrote that for thefirst time ever Apple is moving some iPad production out of China and shiftingit to Vietnam.
German English-language news site DW reported thatcompanies, especially those operating in the electronics industry, areinvesting much in Vietnam. In February, the Republic of Korea's leadingelectronics group Samsung announced that it would invest an additional 920million USD in the Southeast Asian country.
According to assessments, global companies like Apple aremoving production to Vietnam mainly due to high wages in China and intenseUS-China trade competition. The administration of US President Joe Biden islooking to diversify the global supply chain, and Vietnam is considered to havean important role in this policy.
In addition, Vietnam currently has a young labour force anda competitive manufacturing industry, and also boasts a sea route easy forexports, which has made many European Union (EU) and Asian countries sign freetrade agreements with it.
DW quoted Daniel Müller, manager at the German Asia-PacificBusiness Association, as saying: "It currently looks as if, in particular,medium-sized companies are increasingly striving to enter the Vietnam market.”
Vietnam has become a more attractive destination forinvestors, Raphael Mok, head of Asia Country Risk at Fitch Solutions, told thenews site./.
Due to China's strict zero-COVID policy and disrupted supply chains, more and more German companies in Asia are looking for alternatives and neighbouring Vietnam has become a new target, the German weekly business news magazine WirtschaftsWoch wrote in an article published on May 29.
Vietnam's active economic performance in recent years has captured the attention of some major European firms, said German English-language news site DW in a June 8 article.
Vietnam is again in the spotlight after Apple’s move to shift production activities to this Southeast Asian country, according to TRT World page of Turkish Radio and Television Corporation.
Despite the strong headwinds brought about by the COVID-19 pandemic, Vietnam, with its resolute and flexible economic solutions, has regained growth momentum and the confidence of foreign investors. The country continues to be an attractive destination for foreign enterprises, including those from the Republic of Korea.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Illustrative image (Photo: VNA) 
