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Vietnam to grasp bigger business opportunities in Trump 2.0 administration: US media
Vietnam has opened its doors to major firms for decades and is expected to have even greater business opportunities under the Trump 2.0 administration, according to the US-based website forbes.com.
During his campaign, Donald Trump pledged to bring all industries back to the US. However, this is unlikely to happen, and if it does, it certainly won't be on a scale or at a speed Trump envisions. Instead, one plausible scenario is that Vietnam will emerge as the primary beneficiary of this policy.
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The article on forbes.com. |
If previously goods was made in China, now they are going to be made in Vietnam, Jason Miller, a professor of supply chain management at Michigan State University told Forbes. That production will not come back to the US, he continued.
Under the Trump 1.0 administration, major corporations like Apple, Foxconn, and Intel pivoted to Vietnam to diversify their manufacturing portfolios. The article held that Vietnam would still hold significant advantages when Trump was re-elected as president.
It cited Tran Ngoc Anh, a professor of public affairs at Indiana University, as saying that Vietnam should prioritise corporations that will bring other companies to the country.
If Apple is present in Vietnam, many suppliers will want to be near it —companies that will help Vietnam move to higher-tech industries, he noted, adding that instead of focusing on footwear and textiles, the country should aim for biotechnology, artificial intelligence (AI), and semiconductors.
Green, clean development and semiconductor chip production are among the sectors in Vietnam that foreign investors are interested in, according to VinaCapital CEO and Founding Partner Don Lam.
Vietnam has so far attracted 3,500 foreign direct investment (FDI) projects in the garment - textile industry with a combined value of 37 billion USD, according to the Vietnam Textile and Apparel Association (VITAS).
Prime Minister Pham Minh Chinh urged Mitsui & Co., Ltd of Japan to accelerate the implementation of the Block B gas-electricity project and expand its cooperation and investment in other sectors in Vietnam, especially offshore wind energy development, during a meeting with its Chairman Tatsuo Yasunaga in Hanoi on September 11.
Many textile companies have secured orders to last until the end of 2024 and are already negotiating deals for the start of next year, according to the Vietnam Textile and Apparel Association (VITAS).
As Vietnam’s chip-semiconductor industry sees bright opportunities to thrive, human resources training is identified as a top priority.
Vietnam's logistics industry is witnessing significant changes and has become an attractive destination for businesses and investors, insiders said at a series of seminars held within the on-going Vietnam International Logistics Exhibition (VILOG) 2024 in Ho Chi Minh City.
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