Vietnam is the focus of attention, which has developed impressively in recent years – with above-average export rates and new foreign investment – with annual GDP growth rates of 6.66%, despite the pandemic. Well-developed infrastructure and the emerging technological sector have contributed to the country’s innovative strength increasing significantly.
Vietnam has also concluded numerous free trade agreements in the Pacific and Europe to reduce trade barriers. The only downside to the positive investment climate remains corruption. Environmental aspects should not be neglected either: the country’s CO2 emissions have increased enormously due to increased industrial activity. While action has already been taken, there is still a long way to go to achieve comprehensive environmental and sustainability goals.
Attractive urban centers such as Hanoi, Nam Dinh and Haiphong are experiencing significant growth in the commercial, electronics and automotive industries. Infrastructure is being massively expanded, billions of US dollars are being invested in new bridges, cargo ports and deep-water terminals. A lot of money also flows into R&D at the country’s universities. The supplier network is supported by government subsidies, for example in the form of interest subsidy regulations.
The electronics industry and semiconductor production are growing particularly quickly. Samsung, for example, invested around US$800 million in the semiconductor industry at the Thai Nguyen unit in 2022. Already 50% of Samsung smartphones come from Vietnam. Apple supplier Foxconn plans to invest $300 million in expanding its production facilities in northern Vietnam. Festo, Rockwell Automation and Bosch Rexroth have also been based in Vietnam for years and are contributing to the development of the Vietnamese industrial scene.