According to forbes.com, Vietnam has several advantages over other regional competitors such as India. Vietnam has the ability and has indeed been quick to build a new business-friendly policy framework.
CMA CGM VISBY ship docks at Tan Vu port to load cargo
According to Forbes (USA), Vietnam has opened its doors to large corporations for decades. In the coming time, Vietnam will have even greater business opportunities under the Trump 2.0 administration.
During his campaign, Donald Trump pledged to move entire industries back to the United States. However, this is unlikely to happen, and if it does, certainly not at the scale and speed that Trump wants.
Instead, one possible scenario is that Vietnam will be the main beneficiary of this policy.
“If it was made in China before, it will be made in Vietnam now,” said Jason Miller, a professor of supply chain management at Michigan State University. “That manufacturing is not coming back to the United States.”
Under the Trump 1.0 administration, major corporations such as Apple, Foxconn, and Intel turned to Vietnam to diversify their production portfolio. The article argues that Vietnam still has an advantage when Mr. Trump is re-elected President.
According to forbes.com, Vietnam has several advantages over other regional competitors such as India. Vietnam has the ability and has indeed quickly built a new business-friendly policy framework.
Vietnam also has a favorable geographical location, possessing 3 of the 50 busiest seaports in the world and bordering China, making trade and logistics activities between the two countries easier.
Vietnam is one of the few countries in the region that has a free trade agreement with the European Union (EU). Vietnam is also rushing to upgrade key infrastructure to support major projects and is welcomed by foreign investors.
Recently, Mr. Trump has repeatedly stated that he wants to boost American manufacturing and make foreign-made goods more expensive to import into the US, warning of a 60% tax on goods made in China and 20% on goods made in other countries.
Tran Ngoc Anh, a management professor at Indiana University (USA), said one of the top ways for Vietnam to turn these strict new trade regulations into an “advantage” is to target multinational corporations because these corporations will bring their own supplier ecosystems and focus on high-value items.
“Vietnam should prioritize corporations that will bring other companies to Vietnam,” he said. “If Apple is brought to Vietnam, there will be many other suppliers who want to be close to Apple – companies that will help Vietnam move into higher-tech sectors. Instead of producing footwear and textiles, Vietnam needs to focus on biotechnology, artificial intelligence (AI) and semiconductors.”
According to VNA
Source: https://baobinhduong.vn/truyen-thong-my-nhan-dinh-viet-nam-co-co-hoi-kinh-doanh-lon-trong-thoi-gian-toi-a336047.html
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