10/02/2022 - 07:51

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.
The news agency noted that last year, Vietnam enjoyed good results in foreign direct investment attraction, and drew hundreds of millions of USD right in the beginning of 2022.

This showed the strong confidence of investors, including many giant firms such as Foxconn, 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 more than 57 billion USD from exporting telephones and accessories in 2021, a rise of more than 12 percent year on year, and a 25-fold increase from the 2.3 billion USD recorded in 2010.

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./.
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