Vietnam’s efforts to move up global value chain pay off: Savills
Vietnam’s efforts to move up the global value chain are bearing fruit with opportunities arising from the U.S.-China trade war that broke out in 2018, says a new Savills Vietnam report.
The Covid-19 pandemic in 2020 and 2021 further accelerated the diversification and relocation of multinational electronic manufacturers' plants from China to Southeast Asia, and Vietnam has been a particular beneficiary, it says.
It notes that between 2016 and 2022, the turnover for electronics and phone exports increased significantly, reflecting Vietnam’s move up the value chain as an export-oriented economy for high value-added products.
During this period, the export values of electronic products rose by 193%, phones increased by 68%, and machinery improved by 336%.
Vietnam's top export staples in 2016-7M/2023. Data compiled and chart drawn by Savills Vietnam.
“Vietnam's goal is not to replace China on the world production map. However, Vietnam aims to attract high-value investments by improving its labor force and infrastructure while providing favorable conditions for small and medium-sized businesses and supporting industries,” the report notes.
Many large investors have made Vietnam a big part of their future development plans. J.P. Morgan estimates that by 2025, Apple will shift 65% of AirPod production, 20% of iPad production, 20% of Apple Watch production, and 5% of MacBook production to Vietnam.
It highlights that by 2025, Intel will likely expand the second phase of its semiconductor inspection plant in Ho Chi Minh City with an investment of up to $4 billion.
Other American companies like Boeing, Google, and Walmart have also announced plans to expand their supplier networks and production facilities in Vietnam.
Greater EU, U.S. investments
The European Union-Vietnam Free Trade Agreement (EVFTA) and Vietnam’s relationship with the U.S. have bolstered international interest and investment from global electronic, computer, and phone manufactures.
Investment capital from the EU, 2016 – 6M/2023. Source: Savills Vietnam
Savills Vietnam assesses this as a positive sign for Vietnam's economic development and international reach. Increased interest from giants like Google and Apple is evidence of Vietnam’s move up the global value chain, it says.
As of June 2023, Vietnam had 2,508 foreign direct investment projects from the EU with investment totaling $28.91 billion, compared to 1,623 projects worth $18 billion in 2016.
Green space at a factory of the Netherlands' Unilever. Photo courtesy of the company.
The Netherlands is the largest EU investor in Vietnam (49%) with 427 projects totaling $14.1 billion. Dutch suppliers like chip manufacturer ASML Holding are exploring the establishment of new production facilities in Southeast Asia, including Vietnam.
The report quotes John Campbell, associate director and head of industrial services at Savills Vietnam, as saying that in 2023, his team has helped three German enterprises - Fuchs, Framas, and J. Wagner to enter the Vietnamese market.
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