Increasingly Favorable Conditions Drive Multinationals to Vietnam for Production Needs
China and India have long been the epicenters of cheap, rapid production for companies in the industrialized world looking to keep costs down. According to a new report from the digital newspaper The Establishment Post, however, both countries are quickly losing their grip over the globalized manufacturing sector, with Vietnam looking increasingly attractive to foreign investors and multinational corporations.
The last five years have seen a growing number of companies move their manufacturing from the Middle Kingdom into Vietnam. The move has been so pronounced that manufacturing has boomed, and now accounts for 25% of Vietnam's economy.
Cooling Chinese Economy, ASEAN Boom Play a Big Role
The loss of manufacturing is particularly noticeable for China. Vietnam offers far more competitiv...