Viet Nam will remain at the centre of Asian supply chains and one of the most competitive manufacturing locations in the Asia-Pacific region, said analysts at the Economist Intelligence Unit in a report on the country released this week.
The report entitled ‘Rising star: Viet Nam’s role in Asia’s shifting supply chains’, focused on examining Viet Nam’s labour market, investment attraction policy, and trade relationships.
Accordingly, low-skilled manufacturing wages will rise at a moderate pace relative to Viet Nam’s regional competitors. However, specialised labour in manufacturing and services professions will remain scarce. In the field of investment, high-tech manufacturers will continue to enjoy incentives for many years to come. In addition, Viet Nam has joined many trade agreements and maintained good relations with trading partners, helping to reduce transaction costs for local businesses.
EIU Senior Analyst John Marrett said tax and foreign direct investment policies, as well as measures to control foreign trade and exchange, are the main strengths of the Vietnamese business climate compared to other countries in the region.
These are underpinned by the country’s domestic political stability, which is higher than that of most other Southeast Asian countries with similar economic development level, he added.
The EIU is a global leading resource for economic and business research, forecasting and analysis. — VNS
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