Vietnam’s industrial base has sustained rapid growth in the past 5 years. In part, this has been driven by foreign direct investment (FDI), as manufacturing industry has moved offshore to take advantage of lower per unit costs of production and government incentives. But not all of this growth has been driven by FDI and foreign ownership. Vietnamese Joint Stock and Private Owned Manufacturing Companies have also ridden on the crest of this new wave of industrialisation. Domestic OEM and ODM companies have been vital in providing services and components to foreign owned manufacturing companies and are now actively seeking new markets for their own mature products and services. This is a trend that is set to grow with recent announcements by the Ministry of Planning and Investment aimed at corporatizing targeted State-Owned Enterprises (SOE) and restructuring the Banking and Finance Industry to make more capital available to fund future investment.
If offshoring some or all of your industrial components and materials to this dynamic and vibrant young economy does not feature in your strategic business planning, then you could be missing out. Talk to Vina-Concepts today about ways we can help you source and manage your industrial products supply chain requirements.