Vietnam on way to become world’s production hub: Sputnik
Vietnam is expected to become a new production hub of the world, as “Made in Vietnam” products are winning larger shares in the international market, according to Russia's Sputnik news agency.
Hanoi (VNA) – Vietnam is expected to become a new production hub of the world, as “Made in Vietnam” products are winning larger shares in the international market, according to Russia's Sputnik news agency.
The news agency noted that last year, Vietnam enjoyed good results in foreign direct investment (FDI) attraction, and drew hundreds of millions of USD right in the beginning of 2022, which showed the strong confidence of investors, including many giant firms such as Foxconn, Pegatron, Wistron, LEGO and Nike, in the country's economic prospects.
Sputnik cited statistics from the General Department of Vietnam Customs showing that Vietnam earned a record amount of 57.54 billion USD from exporting telephones and accessories in 2021, a rise of 12.4 percent year on year, and a 25-fold increase from the 2.3 billion USD recorded in 2010.
According to Sputnik, the result was firstly attributable to the Republic of Korea’s Samsung Group, whose revenue accounted for nearly 20 percent of Vietnam’s GDP last year. As of the end of 2021, Samsung had invested 18 billion USD in Vietnam. Currently, more than 50 percent of Samsung’s cell phones are produced in Vietnam. Smart mobile devices manufactured in Vietnam are being exported to 128 countries and territories in the world.
According to Sputnik, experts predicted that Vietnam will become the largest production hub of Nike. The CNBC quoted the world leading sportwear producer's financial report as saying that in 2021, Vietnam produced 51 percent of its global production.
The situation is similar for Adidas, Nike’s rival, with 40 percent of its footwear being made in Vietnam.
Experts held that the number of orders for Vietnam is rising thanks to the strong workforce and low labour cost, along with smooth investment environment, stable political situation, good infrastructure, attractive incentives for investors, and the country’s success in pandemic control, Sputnik highlighted./.
With a vibrant economic climate, Vietnam remains a strong candidate for investment from the Association of Southeast Asian Nations (ASEAN) and beyond, according to the Vietnam Briefing newswire.
Some foreign financial organisations have issued relatively positive predictions for Vietnam’s economy this year, with growth expected at 6.5 - 6.7 percent.
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He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
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Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
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PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
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Illustrative image (Source: VNA) 
