In a newly published article, the British investment magazine Moneyweek writes that “Made in Vietnam” products are asserting their position in the world market.
According to Moneyweek, many multinational corporations, especially in the field of electronics, generally consider that the product is made in Vietnam as a guarantee of quality. Vietnam is becoming the world’s electronics production base when China – which has always occupied the position of the global manufacturing factory has been challenged due to the “Zero COVID” strategy.
After a series of Apple’s largest assembly suppliers moved the production chain of products such as AirPods and iPad to Vietnam, it was the turn of Xiaomi – one of China’s leading electronics manufacturing groups to have similar move, moving part of the factory line to Vietnam.
In mid-July, this company officially announced to start selling “Made in Vietnam” phone products to the market.
The quality of electronic products manufactured in Vietnam factory, labeled “Made in Vietnam” is very good. They will be sold not only in Vietnam but also in Southeast Asia. And we will not only manufacture smartphones in Vietnam but also other smart electronic devices… such as products that combine both artificial intelligence and IoT,” said Mr. KM Leong – General Manager of Southeast Asia of Xiaomi International said.
According to Moneyweek, “Made in Vietnam” products are asserting their position in the world market.
Or as Compal – the world’s second-largest computer assembler from Taiwan (China) revealed that it is planning to expand its production base in Vietnam to meet the increasing number of orders from international customers.
The wave of investment shifting from China to Vietnam is a hot topic in many international forums. Most analysts say that it is understandable for Vietnam to rise to become one of the world’s electronics production bases. Because the trend of factory relocation will take place when the manufacturing industry in a country reaches a certain stage of development.
According to Ngo Dang Khoa – Head of Foreign Exchange, Capital Markets and Securities Services Division, HSBC Vietnam, thanks to FDI inflows into the technology sector, Vietnam has transformed and become an electronics manufacturing center in Southeast Asia. The government has favorable and friendly policies to attract foreign investors. Recently, Samsung invested in a research and development (R&D) center in Vietnam with a total investment of about 800 million USD. This is one of the largest R&D centers in Southeast Asia. Therefore, “Made in Vietnam” electronic products will be more competitive.
Meanwhile, according to Mr. Alain Cany – President of the European Business Association in Vietnam, Vietnam is one of the leading countries in software development in the world, just behind India.
“We believe that with transparent policies and high-quality human resources, Vietnam will become one of the successful countries in developing the digital economy. And it will promote cost reduction for FDI enterprises in Vietnam”, said Mr. Alain Cany.
And to enhance the attraction of foreign investment projects using new and high technologies; Connecting global production and supply chains, last June, the Prime Minister approved the Foreign Investment Cooperation Strategy for the 2021-2030 period. 9 groups of solutions were given and received high appreciation.
FDI enterprises believe that the rise of “Made in Vietnam” electronic products will be a good motivation for the whole Southeast Asia, when this region is forecasted to be a “magnet” for electronic products in the world in the near future.
@ Cafef
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Source: Vietnam Insider