The nation has proved to be very successful in responding to the threat of the pandemic and has already witnessed rapid development to become a popular production base. By the end of 2020 the country with a population of just under 100 million people had only reported 1,465 confirmed COVID-19 cases and 35 deaths, the article states.
This has served to give Vietnamese goods better access to both the Canadian and Mexican markets, respectively. Both before and during the course of the pandemic, the nation has attracted numerous investment, including those from manufacturers who are keen to relocate their production from pandemic-hit areas.
Recent years has witnessed the country move the value chain from textiles and clothing to microchips, smartphones, and other electronics. Apple and its suppliers, Foxconn, Pegatron, as well as Panasonic, were among the companies to start manufacturing within the Vietnamese market, all of whom moved to expand production or who have announced new production plans this year, it said.
According to data released by the TI, approximately 40% of exports go to the United States and the EU, whilst the country may potentially face problems in infrastructure systems such as roads and ports.