Việt Nam Aims to Become Major Global Production Hub

9:26:44 AM | 9/14/2023

Việt Nam aims to become a major global production hub to meet the demands of the international market with a diverse range of competitively-priced and high-quality products, said an official at an export forum which opened on Wednesday.

Participants at Vietnam Export Forum 2023 and Vietnam International Sourcing Expo 2023, which opened on Wednesday in HCM City. VNA/VNS Photo

Speaking at Vietnam Export Forum 2023 in HCM City, Đỗ Thắng Hải, deputy minister of the Ministry of Industry and Trade, said the country has emerged as an attractive destination for multinational corporations and distribution channels seeking to diversify their supply chains amidst recent global uncertainties.

Despite challenges such as high inflation, the impact of the COVID-19 pandemic, and global instability, Việt Nam’s economy has shown resilience.

Its GDP last year grew by 8.02 per cent, the highest rate since 2011. Industrial production expanded, and import-export turnover reached a record-breaking US$730.28 billion.

In the first eight months, its total import-export turnover reached $435 billion, with exports reaching $228 billion, resulting in a trade surplus of $20.2 billion, he said.

The three-day export forum, organised by the ministry and the city administration, aims to further support businesses in engaging deeply in global production and supply chains. 

In addition to the forum, Vietnam International Sourcing Expo 2023, which opened the same day, attracted the largest-ever delegation of global corporations. 

Major multinational corporations participating in the expo include Aeon, Uniqlo, Walmart, Amazon, Boeing, and IKEA, among others. 

The expo provides an opportunity for Vietnamese manufacturers and exporters to connect with foreign importers, distributors, and retailers who have shown interest in Vietnamese products. 

It is expected to welcome 8,000 visitors and 150 delegations from 30 countries and territories. 

Võ Văn Hoan, a vice chairman of the city People’s Committee, said the city is committed to supporting businesses in expanding production and market reach. 

Measures are being taken to improve public services, streamline administrative processes, and enhance the investment climate, he said.

The city will particularly assess the challenges faced by businesses and propose solutions to support their expansion in export markets and participation in global supply chains, he added.

“Embracing digital transformation is a priority, allowing businesses to stay ahead of customer demand and consumer trends,” according to Hoan.

Experts said the Southeast Asian nation’s ambition to become a major global production hub is fueled by “its impressive economic growth, attractiveness to multinational corporations, and government support for businesses.”

With ongoing efforts to strengthen trade connections, improve the investment climate, and embrace digital transformation, the country is well-positioned to achieve its goal of becoming a major player in the global market, they noted.

Source: VNS