Vietnam is on track to become the world’s manufacturing center as “Made in Vietnam” products gain more shares in the international market, according to Russia’s Sputnik news agency.
The news agency noted that Vietnam had good results in attracting foreign direct investment last year, raising hundreds of millions of USD in early 2022.
This demonstrated the strong confidence of investors, including many large companies such as Foxconn, LEGO and Nike, in the country’s economic prospects.
Sputnik cited statistics from the General Department of Vietnam Customs showing that Vietnam earned a record $57 billion in exports of phones and accessories in 2021, an increase of more than 12 percent year-on-year and a 25-fold increase over of the USD 2.3 billion registered in 2010.
Experts considered that the order volume for Vietnam is increasing due to its strong workforce and low labor costs, along with a smooth investment climate, stable political situation, good infrastructure, attractive incentives for investors and the country’s success in fighting pandemic, emphasized Sputnik.
After the recovery from late 2021 after the impact of the COVID-19 pandemic, many foreign-invested companies set up a new companystabilized and expanded their production and business activities in Vietnam.
According to Sophie DaoSenior Partner at Global Business Services (GBS) LLC, the result showed the attractiveness of the Vietnamese market and the confidence of foreign investors in Vietnam’s ability to manage the pandemic and its economic recovery, as well as the effectiveness of the measures taken by the government to guide companies and support.
Despite the impact of the COVID-19 pandemic, many foreign investors have remained optimistic about the business and investment climate in Vietnam and have confirmed that Vietnam will still be a top choice for their new and expanded projects, Sophie added.
Vietnam is an elongated country along the east coast of the Indochinese peninsula. It borders China to the north, Laos and Cambodia to the west. The country is bordered to the east by the South China Sea and to the northeast by the Gulf of Tonkin with the island of Hainan Dao (China). The country shares maritime borders with Indonesia, Malaysia, the Philippines and Thailand.
With an area of 331,689 km², Vietnam is about three times the size of Bulgaria or slightly larger than the US state of New Mexico. Vietnam has a population of 92.6 million people (in 2016), it is the 13th most populous country in the world.
Spoken language is Vietnamese, English is increasingly preferred as a second language and there are still people who speak some French.
The capital of Vietnam is Hanoi (Ha Noi), the former capital of the Republic of Vietnam and the largest city is Ho Chi Minh City (also known as Saigon).