Vietnam is a bright spot in the wave of industrial production shifting to ASEAN.

Vietnam is considered an attractive destination in the wave of industrial production shifting to ASEAN countries. At the same time, the new flow in the world industry is becoming a development opportunity for Vietnam, especially the sustainable supply chain that meets the green economic trend.

Việt Nam là điểm sáng trong làn sóng chuyển hướng sản xuất công nghiệp về ASEAN

Driven by many industrial production sectors, especially support from stable foreign direct investment (FDI) flows and investment in technology. (Source: VnEconomy)

This is the information given by the enterprise at a series of specialized seminars on industrial and mechanical production within the framework of the 16th Vietnam's leading international exhibition on machinery, tools and metalworking solutions in 2023 (METALEX Vietnam 2023) taking place in Ho Chi Minh City.

According to the business community, currently, partners in the global industrial manufacturing industry are interested in implementing social and environmental responsibilities of production and business units to develop green supply chains in the market; in which, ESG (environmental, social and governance) indicators and reports are considered important factors when investors consider investing or forming joint ventures with Vietnamese enterprises, as well as expanding the domestic market.

A series of large projects from multinational companies have been signed one after another, such as Roxcom and Lego; or the expansion of investment by Samsung and LG... showing that Vietnam has been welcoming the wave of shifting industrial production to ASEAN countries.

However, Vietnamese enterprises also face many challenges such as developing green energy, highly specialized human resources... to serve industrial production according to global standards to ensure the requirements of investors and multinational brands...

To take advantage of investment opportunities and expand industrial production in Vietnam by international corporations, Mr. Vu Trong Tai, General Director of RX Tradex Vietnam, said that the Vietnamese manufacturing community needs to improve its competitive advantage by updating new machinery and technology, increasing productivity, reducing energy consumption, improving human resource qualifications, etc.; in which, some promising manufacturing industries in Vietnam include supporting industries, electronics, etc. with the opportunity to go deeper, develop sustainably and participate in the global supply chain.

According to Mr. Hirabayashi Tomoya, representative of the Sales and Marketing Department of YAMAHA Vietnam Company, recently many leading technology brands of countries have been actively promoting in the Vietnamese market. This not only shows that global suppliers are proactively seeking opportunities to access the Vietnamese market, but also evaluates Vietnam's industrial production as an attractive destination in the ASEAN region.

Taking note of the opinions of some experts, it is also pointed out that in the ASEAN market; including Vietnam, there is an expanding demand for high-precision manufacturing, electronic equipment... and the productivity of enterprises will be enhanced when adding new technology and solutions globally. In particular, with the support from the public and private sectors, Vietnamese manufacturers have achieved high productivity and innovation in producing more with less resources and catching up with the general trend of the region.

In addition, the results of Vietnam's economic growth recovery from the beginning of 2023 to now show that it is being promoted by many industrial production sectors, especially the support from stable foreign direct capital (FDI) flows and investment in technology.

Statistics in Ho Chi Minh City alone show that newly registered FDI projects in the city increased significantly, with 860 newly registered FDI projects in the first 9 months of 2023, up 51.7% over the same period, and the total registered capital reached 406 million USD, up 16.7% over the same period.

In the industrial and construction sector, Ho Chi Minh City's departments and branches also licensed 6,941 enterprises, up 8.5% over the same period, with registered capital reaching VND94,903 billion; of which, the industrial sector had 3,776 units, up 4.4%, with registered capital reaching VND26,163 billion.

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