One advantage is a new wave of foreign direct investment (FDI) which is being driven by global events, including the COVID-19 pandemic.
Lam said due to the pressures of profit margins and the need to minimize costs, foreign companies will come to Vietnam as a potential investment destination for their future factories.
Vietnam has always had a workforce advantage in regards to high quality and low labor cost while geographically it is close to supply chains in China and the rest of Asia.
Lam affirmed Vietnam’s success in controlling the pandemic and local market potential as factors to reinforce investors’ trust.
- Supply chain growth in Vietnam to outpace Southeast Asia
- Viet Nam’s FDI inflows to increase
- Different approach required for Vietnam to further integrate into global value chains
- Binh Duong expects wave of billion-dollar foreign investment
- New foreign investment wave begins in Vietnam despite Covid-19
- Pandemic improves Vietnam’s chance to enter global supply chain: WB
- FDI into electronics should promote local companies