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Temporary business closures, transportation difficulties, and staff shortages all contributed to a reduction in manufacturing output in Vietnam. In 2020-2021, due to COVID-19, the manufacturing sector endured significant supply chain disruptions. With its contribution, Vietnam’s economy is forecast to regain momentum and reach GDP growth of 6 to 6.5 percent in 2022.

In 2020, the manufacturing and processing sector continued to take the lead in the country’s foreign direct investment (FDI), making up 58.2 percent of the total. Despite its development in recent years, the manufacturing sector in Vietnam could develop human resources and leverage its capabilities to enhance competitiveness.Īs global businesses seek to diversify, increase resiliency and connectivity of their supply chains and decrease reliance on a single country, Vietnam has become a top destination for investment in manufacturing due to its strategic location and advantages in shipping, competitive labor, and production costs.Ĭompared to other Southeast Asian countries, Vietnam stands out with international airports seaports, and rail links facilitating production flow and transportation.Major factors driving industry growth are the benefits from multilateral free trade agreements and competitive labor costs.As Vietnam transforms into a global manufacturing hub, it has emerged as an effective relocation destination also known as the China plus one strategy.JanuPosted by Vietnam Briefing Written by

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