Vietnam sees many opportunities to become an important link in the global supply chain, despite economic difficulties in the domestic and international markets. Countries’ shifting of production and diversifying supply chains have helped Vietnam become a favorite destination for foreign investors.

The Financial Times said Vietnam is becoming an important link in the supply chain. Now geopolitical tensions among countries are rising and enterprises have relocated their business to other countries, Vietnam is one of the destinations.

Le Monde said Vietnam is opening its door, taking advantage of international competition to attract foreign investment and striving to become a high-income economy by 2045. Multinational companies have diversified production and supply chains due to concerns over geopolitical tensions and supply chain disruption. Vietnam will benefit and be prioritized in this process. Vietnam attracts foreign investment by connecting supply chains and being a trade and manufacturing hub.

Vietnam is an attractive destination for innovation and digitalization, said Asia Business Outlook. The newspaper said that Vietnam is becoming a production center, and businesses are diversifying, strengthening supply chains, and developing digital infrastructure.

Standard Chartered Bank said Vietnam is increasingly recognized as one of the prime locations for e-logistics in Southeast Asia. By investing in advanced technology and infrastructure and forming alliance with international logistics enterprises, Vietnam can tap its potential.

US Ambassador to Vietnam Marc Knapper said in an interview with VOV: ‘We feel that Vietnam is a keynote in supply chains going around the world, whether it’s in semiconductors, other manufactured items, and this is something we believe IPEF can help to promote this process to diversify supply chains. So the IPEF, we believe, just through promoting supply chain resilience and diversification, can help promote prosperity here in Vietnam. With Vietnam, we see a bright and increasingly prominent partner, not just regionally, but globally.’

At a meeting of the American Business Council and ASEAN during her working visit to Vietnam last month, US Secretary of the Treasury Janet Yellen said Vietnam is now a key player on the global economic stage and serves in a critical role in many vital global supply chains. 

Many large US companies like Apple and Google have already established a significant presence in Vietnam. The US is pursuing an approach to trade called “friendshoring” aimed at building secure and reliable supply chains. This means deepening its economic integration with the large number of countries it can count on, like Vietnam. Yellen said that over the past decade Vietnam has emerged as a critical node in the global semiconductor supply chain.

VOV