Vietnam has been undergoing rapid economic reforms since 1986, which have yielded significant returns.
As a Communist country, Vietnam — like China — has also been undergoing rapid economic reforms since 1986.
The reforms have yielded results, propelling Vietnam from “one of the world’s poorest nations to a middle-income economy in one generation,” the World Bank said in a November 2022 post.
In 2021, Vietnam attracted over $31.15 billion in foreign direct investment pledges — more than 9% higher from a year ago, according to the country’s Ministry of Planning and Investment. About 60% of the investments went to the manufacturing and processing sector.
Vietnam’s key strengths are in the manufacturing of apparel, footwear, and electronics and electrical appliances.
Aside from India, tech giant Apple has already moved some iPhone manufacturing to Vietnam and is also planning to move some of its MacBook production to the Southeast Asian nation.
Other companies that have shifted some of their production lines out of China to Vietnam include Nike, Adidas, and Samsung.
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