According to Marriott, investments in Asia-Pacific have shifted to manufacturing, supply chains and data centres.
The processing and manufacturing sector in Viet Nam is being driven by a skilled workforce. Currently, production and logistics costs for the import and export of goods in the country are at an attractive level. Import-export activity has also become more convenient thanks to the improvement of logistics networks.
Manufacturing costs in Viet Nam are also more competitive compared to other countries in the region, such as Singapore and China. Therefore, businesses are looking to alternative markets and Viet Nam is working well in catching those trends, especially in the post-pandemic period.
Dominic Harding, Senior Vice President and Head of Cross Border – Americas, said on the sidelines of the Savills Cross-Border Tenant Advisory APAC Conference 2022 in HCM City earlier this month that compared to China, India and Southeast Asian nations, Viet Nam was an attractive investment market with relatively low risks.
This helped to create momentum to lure investments from many tech firms and other businesses in the US, he said.
Viet Nam’s export turnover of processed industrial products in the first seven months of 2022 continued to make a major contribution to the overall growth rate of export activities with an estimated turnover of US$185.8 billion, up 16.1 per cent over the same period last year, and accounted for 85.9 per cent of the total export turnover, according to the Ministry of Industry and Trade.
- HCM City is one of the most preferred cross-border markets in the Asia-Pacific
- S. Korean investment into Viet Nam property market increases
- Lowering logistics costs key to competitiveness
- Joining world logistics passport to facilitate trade
- VN businesses struggle to import intermediate goods from China amid COVID lockdown
- State needs solutions to reduce logistics cost for farm produce
- Domestic logistics industry to focus on value-added services
- Quang Ninh Province emerges as new manufacturing hub
- Railways lose out to road transport in cross border exports