Vietnam Vietnam Economy Thread

[Nilgiri]

All news relating to Vietnam economy here.

 

[Nilgiri]

@Indos

 

[Nilgiri]

Vietnam economy to grow almost five times by 2035​

Vietnam economy to grow almost five times by 2035 - VnExpress International

Vietnam's economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

e.vnexpress.net

Vietnam's economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy.

Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.

The report estimated Vietnam’s nominal GDP by 2035 to be $1.59 trillion from the current $341 billion, a nearly five-fold increase in 15 years.

Despite the Covid-19 pandemic, the Vietnamese economy, unlike most others, was able to escape a contraction in 2020 thanks to competent handling of the crisis, the report said. It grew at 2.91 percent.

The government has set a GDP growth target of 6.5 percent for 2021.

China will overtake the U.S. as the world’s biggest economy in 2035 after outperforming its rival during the global Covid-19 pandemic, according to CEBR.

 

[ekemenirtu]

Vietnam economy to grow almost five times by 2035​

By Nguyen Quy January 4, 2021 | 01:57 pm GMT+7

Vietnam economy to grow almost five times by 2035 - VnExpress International

Vietnam's economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

e.vnexpress.net

Vietnam's economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy.

Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.

The report estimated Vietnam’s nominal GDP by 2035 to be $1.59 trillion from the current $341 billion, a nearly five-fold increase in 15 years.

Despite the Covid-19 pandemic, the Vietnamese economy, unlike most others, was able to escape a contraction in 2020 thanks to competent handling of the crisis, the report said. It grew at 2.91 percent.

The government has set a GDP growth target of 6.5 percent for 2021.

China will overtake the U.S. as the world’s biggest economy in 2035 after outperforming its rival during the global Covid-19 pandemic, according to CEBR.

I find it intriguing the communist government in Vietnam with its miraculous statistical methods - unknown to mere mortals in most of the world - calculated the GDP of Vietnam for the year 2020 within a span of mere three days.

Report for Selected Countries and Subjects

www.imf.org

I also find it intriguing how the estimated GDP, at market exchange rates, for Vietnam went from $284 billion (acc to IMF) in 2020 to $341 billion (acc to Vietnamese government) for the same year.

A jump in GDP of over 20% within the space of zero years is a puzzling issue.

I suppose this technique can also be applied by Vietnam's neighbours every decade to give their economies a much needed boost, at least in official statistical annexes.

 

[Nilgiri]

I find it intriguing the communist government in Vietnam with its miraculous statistical methods - unknown to mere mortals in most of the world - calculated the GDP of Vietnam for the year 2020 within a span of mere three days.

Report for Selected Countries and Subjects

www.imf.org

I also find it intriguing how the estimated GDP, at market exchange rates, for Vietnam went from $284 billion (acc to IMF) in 2020 to $341 billion (acc to Vietnamese government) for the same year.

A jump in GDP of over 20% within the space of zero years is a puzzling issue.

I suppose this technique can also be applied by Vietnam's neighbours every decade to give their economies a much needed boost, at least in official statistical annexes.

I think we have discussed this before somewhere. GDP is overrated especially for some countries (that use a lax data dissemination standard) on top. Vietnam is one of them. Hopefully it will join the SDDS standard at some point in near future...to help with the reliability here....so we don't have wild swings (with who knows how much inflation within it).

They are definitely doing very well when I look at the base numbers though (stuff that is verified by multiple parties, rather than reliant on govt bureaucrats/statisticians under whatever operating pressure) ...stuff like trade, investment, energy, macro consumption etc.

 

[ekemenirtu]

I think we have discussed this before somewhere. GDP is overrated especially for some countries (that use a lax data dissemination standard) on top. Vietnam is one of them. Hopefully it will join the SDDS standard at some point in near future...to help with the reliability here....so we don't have wild swings (with who knows how much inflation within it).

They are definitely doing very well when I look at the base numbers though (stuff that is verified by multiple parties, rather than reliant on govt bureaucrats/statisticians under whatever operating pressure) ...stuff like trade, investment, energy, macro consumption etc.

I am not sure I have had such a discussion with you.

My best wishes to the peoples of Vietnam. Their country is expected to enjoy some more decades of economic growth. It is mostly a function of their currently low economic base and the tried and tested path taken by their East Asian predecessors.

One limitation to the East Asian authoritarian model championed by China and also Vietnam is that once they have exhausted all the gains from imitative activities, it becomes increasingly harder to make further gains.

With all due respect to the peoples of East Asia, they are often characterized as deficient in creativity and originality. No truly novel ideas are said to have emerged from such populations in multiple centuries, whether correctly or otherwise.

Their contributions are said to be mostly incremental, or marginal. Improving on existing knowledge, on existing technology and optimizing their performance in light of new developments. For example, internal combustion engine, cathode ray tubes, tungsten filament bulbs or integrated circuits may not have been invented in East Asia but many major improvements to these inventions have originated from East Asia.

In view of these precedents and the current regime ruling over Vietnam, Vietnam might be expected to enjoy commendable growth rates for a few more decades. What comes after that opportunity has been exhausted, after the low hanging fruits have been harvested, might be interesting to watch.

However, as you have also agreed, statistics presented by officials from such repressive regimes need to be taken with a pinch of salt. Not that I am saying Indian statistics are more credible. Not in the slightest.

Just that in this specific case, statistics presented by the communist regime in Vietnam need to be taken with a pinch of salt.

 

[Nilgiri]

I am not sure I have had such a discussion with you.

My best wishes to the peoples of Vietnam. Their country is expected to enjoy some more decades of economic growth. It is mostly a function of their currently low economic base and the tried and tested path taken by their East Asian predecessors.

One limitation to the East Asian authoritarian model championed by China and also Vietnam is that once they have exhausted all the gains from imitative activities, it becomes increasingly harder to make further gains.

With all due respect to the peoples of East Asia, they are often characterized as deficient in creativity and originality. No truly novel ideas are said to have emerged from such populations in multiple centuries, whether correctly or otherwise.

Their contributions are said to be mostly incremental, or marginal. Improving on existing knowledge, on existing technology and optimizing their performance in light of new developments. For example, internal combustion engine, cathode ray tubes, tungsten filament bulbs or integrated circuits may not have been invented in East Asia but many major improvements to these inventions have originated from East Asia.

In view of these precedents and the current regime ruling over Vietnam, Vietnam might be expected to enjoy commendable growth rates for a few more decades. What comes after that opportunity has been exhausted, after the low hanging fruits have been harvested, might be interesting to watch.

However, as you have also agreed, statistics presented by officials from such repressive regimes need to be taken with a pinch of salt. Not that I am saying Indian statistics are more credible. Not in the slightest.

Just that in this specific case, statistics presented by the communist regime in Vietnam need to be taken with a pinch of salt.

I just tend to ignore the govt statistics past a very rough reference mark (mostly to compare with the country itself over time), theres all kind of other noise that goes on in general there even with more "credible" countries....but the well integrated/connected countries w.r.t today's economy (i.e developed countries and increasingly PRC) can also be broadly compared too since the GDP (USD nominal) number has more inherent basis.

But in general I tend to look at certain things like energy consumption, electricity production, trade, investment, savings rate, GCF, forex and specific industry output numbers and such....rather than trust a developing country govt to add these up with whatever pinch or handful of salt needed at the end of it.

 

[Viva_vietnamm]

I just tend to ignore the govt statistics past a very rough reference mark (mostly to compare with the country itself over time), theres all kind of other noise that goes on in general there even with more "credible" countries....but the well integrated/connected countries w.r.t today's economy (i.e developed countries and increasingly PRC) can also be broadly compared too since the GDP (USD nominal) number has more inherent basis.

But in general I tend to look at certain things like energy consumption, electricity production, trade, investment, savings rate, GCF, forex and specific industry output numbers and such....rather than trust a developing country govt to add these up with whatever pinch or handful of salt needed at the end of it.

Love to see you again Nilgiri after long time bro, thanks for taking care about VN's threads

---------------
Goolge trans:

Panasonic inaugurated a new factory in Vietnam

Panasonic's factory located in Binh Duong, manufacturing indoor air quality equipment, is the group's first factory in this field in Vietnam. Panasonic said that the factory will start producing ceiling fans and ventilation fans from October 13. In the future, a research and development (R&D) department will continue to be established to make this factory a place to integrate development, production and sales processes. The new factory has a surface area of 49,995 m2, a total floor area of 24,066 m2 and can be expanded in the future. With an investment of approximately $45 million, the plant is expected to meet the growing demand for IAQ related equipment. In particular, the factory will start with ceiling fans for the Vietnamese market and expand the production of ventilation fans in 2022.

It is expected that the factory will have a capacity of about 3 million products by 2025. As a representative of Panasonic, the ventilation equipment that has been manufactured is not only traded in the Vietnamese market but also exported to Southeast Asia, the Middle East, and Africa. Accordingly, this new factory is expected to become the main base of ventilation equipment in the same area.

Panasonic factory in Binh Duong has an area of 49,995 m2, total floor area 24,066 m2.

Panasonic khánh thành nhà máy mới tại Việt Nam

Nhà máy Panasonic đặt tại Bình Dương, sản xuất thiết bị chất lượng không khí trong nhà, là nhà máy đầu tiên của tập đoàn trong lĩnh vực này tại Việt Nam.

vnexpress.net

 

[Nilgiri]

Love to see you again Nilgiri after long time bro, thanks for taking care about VN's threads

---------------
Goolge trans:

Panasonic inaugurated a new factory in Vietnam

Panasonic's factory located in Binh Duong, manufacturing indoor air quality equipment, is the group's first factory in this field in Vietnam. Panasonic said that the factory will start producing ceiling fans and ventilation fans from October 13. In the future, a research and development (R&D) department will continue to be established to make this factory a place to integrate development, production and sales processes. The new factory has a surface area of 49,995 m2, a total floor area of 24,066 m2 and can be expanded in the future. With an investment of approximately $45 million, the plant is expected to meet the growing demand for IAQ related equipment. In particular, the factory will start with ceiling fans for the Vietnamese market and expand the production of ventilation fans in 2022.

It is expected that the factory will have a capacity of about 3 million products by 2025. As a representative of Panasonic, the ventilation equipment that has been manufactured is not only traded in the Vietnamese market but also exported to Southeast Asia, the Middle East, and Africa. Accordingly, this new factory is expected to become the main base of ventilation equipment in the same area.

Panasonic factory in Binh Duong has an area of 49,995 m2, total floor area 24,066 m2.

Panasonic khánh thành nhà máy mới tại Việt Nam

Nhà máy Panasonic đặt tại Bình Dương, sản xuất thiết bị chất lượng không khí trong nhà, là nhà máy đầu tiên của tập đoàn trong lĩnh vực này tại Việt Nam.

vnexpress.net

Bro, welcome.

Thank you to @Indos and @Lonewolf for making it happen.

Brother @Viva_vietnamm lets hear all about vietnam in this section.

 

[Indos]

Bro, welcome.

Thank you to @Indos and @Lonewolf for making it happen.

Brother @Viva_vietnamm lets hear all about vietnam in this section.

@Viva_vietnamm welcome bro to the club

Look like Viva Viet prediction on the fall of China in 2023 is somewhat having some truth

Look their Evergrande and Energy Crisis !!!!!!

 

[Viva_vietnamm]

@Viva_vietnamm welcome bro to the club

Look like Viva Viet prediction on the fall of China in 2023 is somewhat having some truth

Look their Evergrande and Energy Crisis !!!!!!

Chinese always live in delusion and having short vision, they just to forgot that they can make money thanks to the support from JP and US in 1978. Just like I said, Evergrande and Energy Crisis is just the first domino to fall. CN's biggest problem is that 60% of CN factories are Zombie factories (earning no profit when the bosses have to pay 800 to 1000 USD per month to the workers).

If 60% of CN factories collapse , then CN unemployment rate will go up from 45% to 50%. Then, thats the end of China's Economic Miracle

 

[Viva_vietnamm]

Hai Phong controls the Covid-19 epidemic well, LG invests "strongly" © AFP 2021 / Jung Yeon-Je

08:30 01.09.2021
HANOI (Sputnik) - The LG Display Hai Phong project continues to receive an additional $1.4 billion in investment this year. With this new investment, the output of plastic OLED screens will increase to about 14 million products a month, creating more jobs for 10,000 workers.

Create 10,000 more workers in Hai Phong
Hai Phong City's web portal said that on the morning of August 31, the Management Board of Hai Phong Economic Zone awarded an investment registration certificate to increase capital to LG Display Vietnam Hai Phong Company.

LG logo
© AFP 2021 / JUNG YEON-JE
What is happening at LG's smartphone factory in Vietnam?
With the new investment, LG Display will bring the total investment capital to 4.65 billion USD and become the largest foreign investor in this locality.

This is the second time this year that LG Display Vietnam Hai Phong has received additional capital. Before that, in February, the business was poured another 750 million USD.

LG Display Hai Phong project located in Trang Due industrial park was first granted investment certificate in April 2016, with a capital of 1.5 billion USD, specializing in manufacturing plastic OLED screens for mobile devices, OLED TV screen, LCD screen...

With this new investment, LG Display will increase production of plastic OLED screens from 9.6-10.1 million units to 13-14 million units per month. Export revenue is expected to increase by about 6.5 billion USD a year, contribute about 25 million USD to the state budget and create more jobs for 10,000 workers.

A bright spot in the Covid-19 pandemic
On the morning of August 31, Tran Luu Quang, Member of the Party Central Committee, Secretary of the City Party Committee, Head of the Hai Phong National Assembly Delegation visited Trang Due Industrial Park and attended the awarding ceremony of the adjusted investment registration certificate for LG Display Company. Vietnam.


Speaking at the ceremony, Mr. Tran Luu Quang, Secretary of the City Party Committee emphasized that the awarding of the Investment Certificate for the project is an affirmative proof of a Hai Phong city a good investment destination, especially in the region. complicated situation of the current COVID-19 pandemic.

Hai Phong is also one of the 07 provinces and cities with no secondary infections in the area in the past 14 days. It can be said that thanks to the good control of the Covid-19 epidemic, this is a fertile land to attract new investments.

At the same time, the investment environment of Hai Phong is also continuously improved, production and business of enterprises are increasingly efficient; LG Company has continuously adjusted to increase investment capital and expand the production scale of the project.

Hải Phòng kiểm soát dịch Covid-19 tốt, LG đầu tư "mạnh tay"

HÀ NỘI (Sputnik) - Dự án LG Display Hải Phòng tiếp tục được tăng vốn đầu tư thêm 1,4 tỷ USD trong năm nay. Với khoản đầu tư mới này, sản lượng màn hình OLED nhựa sẽ tăng lên thành khoảng 14 triệu sản phẩm một tháng, tạo thêm việc làm cho...

vn.sputniknews.com

 

[Viva_vietnamm]

Sunny Group: Thai Nguyen will be the biggest "base" outside of China

Updated: Monday, September 27, 2021 - 16:43

Công ty TNHH Sunny Opotech Việt Nam​

Sunny Opotech Vietnam Co., Ltd built on an area of 20ha in Yen Binh Industrial Park (Pho Yen Town), is expected to come into operation from September 30, 2021. Sunny Opotech Vietnam Co., Ltd. has just made a decision to invest another USD 260 million (equivalent to about VND 6,000 billion) to continue implementing Project No. 2 in Thai Nguyen, and is expected to invest USD 350 million in the future. within the next 3 years to become the second largest investor in the province.

Previously, along with a strong wave of investment from high-tech investors in Thai Nguyen, the Company implemented a project to build a factory to manufacture, process and assemble camera modules in Yen Industrial Park. Binh (Pho Yen town) from October 2020 with a total initial investment of 9.8 million USD, has now increased to nearly 30 million USD. Camera module production, processing and assembly line at Sunny Opotech Vietnam Co., Ltd.

Currently, the company is installing equipment and production lines. In addition to equipment related to the fields of opto-electronics, optics and instrumentation, the Company also independently researches and develops fully automatic multi-function testing equipment, integrating multi-function testing. process, automatic robotic arm loading and unloading materials, with independent intellectual property rights. With a construction scale on an area of 20ha, expected to come into operation from September 30, 2021, the Company will create jobs for about 800 employees and increase to 8000 employees within the next 3 years. Sunny Opotech Vietnam Co., Ltd. is a member of Sunny Group, China, established in 1984, a leader in opto-electronic, optical and instrumentation equipment worldwide.

Currently, Sunny Group also develops the field of phones, mobile devices and medical devices. The group is striving to build the factory in Thai Nguyen to become the largest factory outside of China within the next 3 to 5 years.

Tập đoàn Sunny: Thái Nguyên là “cứ điểm” lớn nhất ngoài Trung Quốc

Tập đoàn Sunny: Thái Nguyên là “cứ điểm” lớn nhất ngoài Trung Quốc

baothainguyen.vn

 

[Viva_vietnamm]

India wants to open a 500 million pharmaceutical industrial park in Vietnam, with a target of 5 billion USD in export revenue

In early August, within the framework of trade and investment promotion in the pharmaceutical sector in Hyderabad city, the Vietnamese Embassy connected a group of Indian investors with representatives of local governments. in Vietnam to introduce and promote the idea of building pharmaceutical parks (pharma parks) - specialized industrial parks in the field of pharmaceuticals.

The purpose of this industrial park is to welcome the "big guys" in the field of pharmaceutical production from India as well as internationally to Vietnam. In fact, this model has been deployed very successfully in Hyderabad and other localities of India, making the country the third largest pharmaceutical manufacturing power in the world.

The industrial park "Pharmaceutical Park" will have a scale of about 500 hectares with an initial investment of about 500 million USD, with the desire to create jobs for 50,000 direct workers and 200,000 indirect workers. export revenue reached about 5 billion USD.

According to IBEF data, India supplies more than 60% of different vaccines globally, accounting for 20% of the world's exports of generic drugs. More than 40% of generic drug demand in the US and 25% in the UK is supplied by India. More than 80% of antiretroviral drugs used globally to fight HIV-AIDS are manufactured by Indian pharmaceutical companies.

By the end of August, Indian businesses have made a move to invest in the "Pharmaceutical Park" project in Thanh Hoa during an online working session with Ambassador Pham Sanh Chau, Counselors, and Ambassador officials. Vietnamese restaurant in India with Standing Vice Chairman of Thanh Hoa Provincial People's Committee Nguyen Van Thi.

Here, Indian investors expressed their desire to find investment infrastructure, develop production within 99 years in areas with a sustainable investment environment, connected to the transport system - Convenient transportation, especially the air and water transport system...

So why did India choose Vietnam to deploy the Pharmaceutical Park?

According to a report by SSI Research, at present, India is an important API (pharmaceutical) supplier to Vietnam. In addition, Indian pharmaceutical companies are now boosting production capacity when the Government of this country implements a cash incentive package worth 200 million USD for API factories producing antibiotics, anti-HIV drugs, vitamins. and 51 other important pharmaceutical ingredients.

Regarding Pharmaceutical Park, SMS Group's Chairman, Mr. Ramesh Babu, previously expressed his expectation that this will be a "strategic lever" to turn Vietnam into a research, development and production base. leading pharmaceutical of Southeast Asia and the world.

"These specialized industrial parks are where the production chain of pharmaceutical products from raw materials to finished products. With the advantage of a closed process, large scale, concentration and convenient locations, pharmaceutical park. helping companies reduce investment costs, but increase efficiency and effectiveness of development and production, and improve competitiveness," added a representative of SMS Pharmaceuticals.

Before Covid-19, the market size of Vietnam's pharmaceutical industry in 2018 reached $5.9 billion, up 11.5% over the previous year. This helps Vietnam become the second largest pharmaceutical market in Southeast Asia, one of the 17 countries with the highest growth in the pharmaceutical industry.

Along with the growth of the pharmaceutical industry, in recent years, the per capita spending on pharmaceuticals in Vietnam has also increased.

According to statistics, per capita spending on drugs in Vietnam has increased from US$9.85 in 2005 to US$22.25 in 2010 and continued to nearly double in 2015, with US$37.97. Particularly in 2017, the average spending on medicine of Vietnamese people was about 56 USD/person (about 1.3 million VND).

In 2018, the World Health Organization for the Western Pacific and the OECD published a study evaluating and comparing health and drug spending in countries in the region. , including Vietnam.

In which, Australia spent 684 USD, Thailand 600 USD, Korea 583 USD, New Zealand 392 USD, Vietnam increased to 124 USD (equivalent to nearly 2.9 million VND). At the bottom of the table is Cambodia with a cost of 81 USD/year, Laos 27.3 USD.

The pandemic also caused the revenue of Vietnam's pharmaceutical industry to drop sharply compared to previous years. However, according to the SSI expert group, by 2022, pharmaceutical companies are forecast to have strong recovery results and may reach pre-Covid-19 levels.

In particular, it is expected that the drug approval process will also take place faster in the second half of this year, after a significant delay from 2020 until now due to some regulatory problems of the Drug Administration of Vietnam.

This will create conditions for Vietnam to welcome many large corporations in the field of pharmaceutical production, especially Indian ones, for the Pharmaceutical Park to come into operation soon.

Đằng sau lý do 'ông lớn' Ấn Độ muốn mở KCN dược phẩm 500 triệu tại Việt Nam, mục tiêu doanh thu xuất khẩu 5 tỷ USD

Điều gì khiến các tập đoàn Ấn Độ lựa chọn Việt Nam để xây dựng Công viên Dược phẩm - mô hình giúp quốc gia này trở thành cường quốc sản xuất dược phẩm lớn thứ 3 thế giới?

cafef.vn

 

[Nilgiri]

@Viva_vietnamm

Vietnamese jasmine rice I bought and used for last cpl months:

It was quite tasty (and I will look for again)....just thought I would share a vietnamese product I use.

Also my (samsung) smartphone earphones are made in Vietnam

 

[Viva_vietnamm]

@Viva_vietnamm

Vietnamese jasmine rice I bought and used for last cpl months:

View attachment 33106

It was quite tasty (and I will look for again)....just thought I would share a vietnamese product I use.

Also my (samsung) smartphone earphones are made in Vietnam

More Samsung phones,made in VN, are coming, bro


-----------------
In the midst of canceled rumors, Galaxy S21 FE suddenly obtained certification in the US and will be manufactured in Vietnam

The FCC certificate of the Galaxy S21 FE using the Exynos chip was issued on September 2. Besides, the listing also shows that the device will come with headphones, data cable and 25W charger model number EP-TA800. So it can be seen that there have been Galaxy S21 FE shipped.

Giữa tin đồn bị hủy, Galaxy S21 FE bất ngờ đạt chứng nhận tại Mỹ và sẽ sản xuất tại Việt Nam

Bất chấp tin đồn bị hủy, Galaxy S21 SE vừa bất ngờ nhận được chứng nhận quan trọng tại Mỹ và dự kiến sản xuất tại Việt Nam.

hoanghamobile.com

 

[Viva_vietnamm]

Samsung increases production capacity in Vietnam

Samsung Electronics will expand its foldable production capacity amid the rising fever for the Galaxy Z Fold3 and Z Flip3 models globally.

A Samsung factory in Vietnam

According to The Korean Economics Daily, Samsung's display unit Samsung Display will kick off an expansion project at their factory in Bac Ninh (Vietnam) in the second half of this year, with the goal of being fully operational by the end of this year. or not later than the beginning of next year. Experts say that once Samsung completes the expansion, the company will be able to produce 10 million Galaxy Z Fold and 15 million Z Flip units per year. Samsung's decision to increase capacity is mainly due to high market demand. Its third-generation foldable phones recorded 920,000 pre-orders in South Korea, 1.8 times higher than the previous Galaxy S21.

The number of pre-orders for the new foldable phone is even higher in China at over 1 million. Sources say the number of pre-orders in the US also surpassed Samsung's second-generation foldable device sales in the country between January and July 2021. A source close to Samsung revealed that Samsung's foldable factories are already operating at full capacity. Samsung has no choice but to expand its facilities, specifically it can add three more production lines compared to the current seven, helping the company manage production volumes flexibly. than. Samsung's success in the field of foldable smartphones comes from its third-generation product line.

Its first generation, the Galaxy Fold, was launched in 2019 and sold only 500,000 units globally. Last year, the second generation of foldable smartphones including the Galaxy Z Fold2 and Z Flip also sold about 1.5 million units globally. On the other hand, Samsung has produced more than 3 million units of Galaxy Z Fold3 and Z Flip3 in the past two months to meet skyrocketing demand by operating factories at full capacity, reaching 1.5 million units per month.

Samsung increases production capacity in Vietnam - photo 1 Galaxy Z Flip3 receives the attention of young people thanks to its good price, stylish style In June, market research firm Display Supply Chain Consultants (DSCC) expected the display industry to produce about 8.9 million foldable displays this year. However, in August, DSCC increased its forecast to 10.4 million screens due to growing demand for Samsung devices. The company also predicts the number for 2022 to be 16.4 million foldable screens. Kim Ji-san, head of research at Kiwoom Securities, said, "Samsung will lead the smartphone industry as the new foldable design becomes more familiar and popular with global consumers." Consumer experts highlight design as the key success factor of Samsung's third-generation foldable devices compared to its predecessors. They note the design of products like the Galaxy Z Flip3 is actually better than Apple's iPhone rival. Samsung currently has 6 factories and is planning to build an R&D center in Vietnam. The company has invested more than 17.7 billion USD in Vietnam and currently has 110,000 employees. It is expected that by the end of 2022, Samsung's R&D center in Hanoi will come into operation with about 3,000 Vietnamese engineers expected to work here. Samsung tăng năng lực sản xuất tại Việt Nam Samsung Electronics sẽ mở rộng năng lực sản xuất thiết bị gập lại trong bối cảnh cơn sốt tăng lên đối với các mẫu Galaxy Z Fold3 và Z Flip3 trên phạm vi toàn cầu. thanhnien.vn

 

[Viva_vietnamm]

Vietnamese enterprises break through in the US market

Facing huge difficulties and challenges for the business community due to the impact of the epidemic, it is complicated, multi-dimensional and unpredictable. Trade tensions have caused the trend of globalization and world trade to change rapidly…

Challenges of Vietnamese businesses

Trade tensions between the world's two largest economies China and the US have not only severely affected the economies of the two countries but also affected many countries around the world, including Vietnam.

In the danger of taking advantage of this trade tension, major global importers all have a backup plan for supply by finding manufacturers outside of China for stable future operations.

In that context, dynamic Vietnamese businesses have made good use of opportunities, found solutions to overcome difficulties and created new breakthroughs. As an export-oriented economy, Vietnam's foreign direct investment (FDI) market accounts for the majority of exports. Vietnam will attract more investors as manufacturers continue to restructure their supply chains to reduce the impact of US tariffs on China.

Exports to the US grew strongly, despite the COVID-19 epidemic

Vietnam's diplomatic achievements in recent years have also significantly improved Vietnam's image and position in the international arena. According to the Ministry of Industry and Trade, goods exported to the US in 2021 have grown quite impressively. Generally, for the first nine months of 2021, export turnover of goods is estimated at $240.52 billion, an increase of 18.8% over the same period last year, in the context of complicated epidemic developments. Measures against epidemics in the country, this is a great effort of all sectors and fields.

Trade experts also forecast that from now until the end of the year, along with China and Europe (EU), the US will continue to be Vietnam's potential export market.

Vietnamese enterprises seize the opportunity and make great efforts to restructure the economy, accelerate construction and complete infrastructure, meet very high standards of product quality and management as well as greatly enhance training activities of high-quality human resources.

The success of Vietnamese enterprises in the US market

As a leading manufacturer of ceramic tiles and wooden floors in Vietnam, AMY GRUPO has invested and strongly developed a R&D team as the core for product breakthroughs, research, improvement, application and certification. advanced management models in the world to improve services and demonstrate capacity.



Headquarters AMY GRUPO

Taking the world's highest standard of products as the company's base standard and carrying out certification procedures by reputable independent agencies in the world, directly surveying needs, tastes, and trends in the European and American markets, associating with strong partners in the market area to take a shortcut to achieve the adaptability of enterprises to the market.


SPC production line with a capacity of 15 million m2/year

AMY GRUPO identifies the most difficult target customer group for the domestic market as a group of professionally knowledgeable customers in the industry such as architects, contractors, real estate project investors... as a measure of capacity. businesses in the domestic market. With more than 120 projects of real estate developers such as Vingroup, Sun Group, Hilton, Pullman, Lotte, Muong Thanh, Masteri, Hung Thinh, Dat Xanh, Vinaconex, Nam Long, An Gia, BRG... and other projects. contractors such as Coteccons, Ricons, Newtecons, Hoa Binh, Delta, Ecoba... In the two years 2019-2020, AMY has established strategic partnerships with many Top 10 enterprises of the US building materials industry and 4 strategic partners in Italy, UK, Hungary, Poland.

Vietnamese enterprises break through in the US market - Photo 3. Tile production line with a capacity of 27 million m2/year According to US Customs data, AMY GRUPO accounts for 40% of tiles exported to the US market in 2020. With the achievements and product quality of AMY GRUPO in the international market, in October 2021, AMY GRUPO honored was evaluated and awarded The Best Luxury Tiles in Asia by One World Trade Center, New York, USA.

The current business environment is full of difficulties and challenges, but businesses properly assess the current situation of the business environment, have effective strategies and plans to adapt effectively, establish a management system, build a business transformation, the opportunity for business success is still open

Doanh nghiệp Việt bứt phá tại thị trường Mỹ

Trước những khó khăn, thách thức rất lớn đối với cộng đồng doanh nghiệp do ảnh hưởng của dịch bệnh, phức tạp, đa chiều và khó đoán định. Căng thẳng thương mại đã khiến cho xu hướng toàn cầu hóa và nền thương mại trên thế giới thay đổi nhanh chóng…

cafef.vn

 

[Viva_vietnamm]

The more VN companies/factories win the market in EU-US, the more Zombie companies/factories like Evergrande in CN.

Its too hard for CN to survive when daddy US abandon them and start buying more products from VN . Bad ending for US-CN relationship despite they were so happy to destroy Soviet together and support CN to attack VN since ́70s

 

[Viva_vietnamm]

Can Vietnam beat China to become the "manufactory of the world"?

12-10-2021 - 08:38 AM

Vietnam is considered as one of the fastest growing economies, the most impressive among emerging economies in Asia. So what is the opportunity for Vietnam to replace China to become a "new global factory"?

What makes Vietnam an export powerhouse in the region?

A team of economists from AXA Investment Managers Asia based in Singapore has analyzed and explained the reasons why Vietnam can become an export power in the region, and assessed the prospect of becoming a "factory for export". second world" after China of this Southeast Asian economy.

According to two economists Aidan Yao and Shirley Shen, Vietnam is considered one of the fastest growing economies, the most impressive among emerging economies in Asia (excluding China). deeply integrated into global trade in recent decades.

Macroeconomic experts from AXA Investment Managers Asia affirmed: "Vietnam is increasingly competitive in trade and has become an attractive manufacturing center in the world".

According to the assessment of AXA Investment Managers Asia, Vietnam's successful integration into the Association of Southeast Asian Nations (ASEAN) is the "key" to the strong growth of trade activities.

In the region, Vietnam ranks highly in terms of economic performance, fueled by strong returns from manufacturing development and export potential.

In addition, Vietnam has also signed many free trade agreements (FTAs) with different major regions and economies around the world such as Japan (VJEPA), the European Union (EVFTA), the UK (VJA), and the EU (EU). UKVFTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership Agreement (RCEP), etc., this has created a favorable environment for trade relations to develop. even stronger.

Previous studies by AXA Investment Managers Asia have all shared that Vietnam has been a prominent winner in terms of global export market share in recent years.

Especially as China has successfully risen to assert value in the global trade supply chain, bypassing the gaps in lower value growth, using low-cost labor, and making the country lose its competitiveness. compared to neighboring countries that are making strong breakthroughs like Vietnam.

The research team of AXA Investment Managers Asia said: "Vietnam has achieved a 5-fold increase in export value over the past decade, significantly outperforming the rest of Asia".

In addition, in the past time, Vietnam is considered one of the countries that benefit the most from the trade conflict between the US and China, along with the rapidly increasing competitiveness in the manufacturing sector also contributes to the growth of the economy. Vietnam has risen to become an export power in the ASEAN region in particular and Asia in general.

Figures show that Vietnam's exports to the US increased by 29% in 2019. At the end of last year, Vietnam became the 6th largest importer to the US market, up from 12th place in 2017.

In terms of attracting foreign direct investment (FDI), Vietnam has been particularly successful thanks to the government's preferential policies during the past time. In particular, Vietnam's FDI inflows have grown the fastest in the region.



By 2020, Vietnam has 369 industrial parks, an increase of 180% compared to 2005. Vietnam has also ranked up in the ranking of the "ease of doing business" index of the World Bank (WB), up 23 places up. rank 70 compared to 10 years ago.

Besides, in terms of competitiveness assessment scores based on business facilitation, logistics quality, wage costs, Gross Domestic Product (GDP) growth as well as changes in the In terms of exports and FDI, Vietnam is considered as the most competitive country in the region. This has helped increase export market share impressively in recent years.

Regarding Vietnam's manufacturing industry in the past decade, a series of statistics show that the value of the industry has increased the most, twice the rate of India.

According to AXA Investment Managers Asia, one of the important reasons for Vietnam to emerge as a powerhouse of commercial production and assembly is its ability to attract businesses to relocate and re-establish production bases.

Two economists Shirley Shen and Aidan Yao said that, in addition to the wave of supply chain shift from developed countries to the community of developing countries, previous AXA research also showed that manufacturing profits The low level caused the world's leading multinational corporations to start migrating out of China in recent years.

The reasons indicated are that China has a rapidly growing economy, increasing labor costs, rapidly increasing production operating costs or recently trade tensions with the US, along with With the impact of the COVID-19 pandemic, the wave of production shift is accelerating faster and faster.

At the end of 2018 and 2019, Samsung also closed two large phone assembly plants in China, moving to Vietnam, so that half of the leading handsets of this Korean electronics group were assembled. in Bac Ninh and Thai Nguyen.

Leading fashion, apparel and footwear supply chains, such as Nike and Adidas, which recently decided to move their production bases out of China, have also chosen Vietnam as a safe haven.

In addition, many of the world's leading technology giants such as Google, Microsoft, and Intel, have also moved or are in the process of converting parts of their production lines to Vietnam.

Can Vietnam become a "world factory" to replace China?

According to Mr. Aidan Yao and Ms. Shirley Shen, although Vietnam is a popular destination for global supply chain relocation, there is nevertheless the potential for this Southeast Asian country to become "the world's new factory" " or "new global factory" is unlikely.

The research team pointed out: “The size of the economy is an important issue when it comes to forecasting whether Vietnam is able to replace China's position in the global supply chain or not. Compared to the world's second largest economy, Vietnam's economy is actually much smaller - only 1/5 of China's GDP and 1/5 of China's population as well as the total existing productive workforce.

In addition, Vietnam's manufacturing output accounts for only 0.3% of the total global output, while China's accounts for 28%.

Other comparisons, including research and development (R&D) spending, infrastructure construction, rail lines, stock values, and power generation capacity, are all significantly different, creating a gap. large gap in size between Vietnam and its giant neighbour.

Việt Nam có thể đánh bại Trung Quốc để trở thành "công xưởng sản xuất của thế giới"?

Việt Nam được đánh giá là một trong những nền kinh tế tăng trưởng mạnh mẽ, ấn tượng nhất trong số các nền kinh tế mới nổi ở châu Á. Vậy cơ hội nào cho Việt Nam thay thế Trung Quốc để trở thành "công xưởng sản xuất mới toàn cầu"?

cafef.vn