Vietnam to remain at centre of Asian supply chains: EIU
Vietnam will remain at the centre of Asian supply chains and one of the most competitive manufacturing locations in the Asia-Pacific region, said analysts at the Economist Intelligence Unit in a report on the country released on January 13.
Hanoi (VNA) - Vietnam will remain at the centre of Asian supply chains and one of themost competitive manufacturing locations in the Asia-Pacific region, saidanalysts at the Economist Intelligence Unit in a report on the country releasedon January 13.
The report entitled Rising star: Vietnam's role in Asia's shifting supply chains, focused on examining Vietnam’s labour market,investment attraction policy, and trade relationships.
Accordingly, low-skilled manufacturing wages rise will bekept at a moderate pace relative to Vietnam’s regional competitors. However,specialised labour in manufacturing and services professions will remainscarce. In the field of investment, high-tech manufacturers will continue toenjoy incentives for many years to come. In addition, Vietnam has joined manytrade agreements and maintained good relations with trading partners, helpingto reduce transaction costs for local businesses.
EIU Senior Analyst John Marrett said tax and foreign directinvestment policies as well as measures to control foreign trade and exchange arethe main strengths of the Vietnamese business climate compared to othercountries in the region.
These are underpinned by the country’s domestic politicalstability, which is higher than that of most other Southeast Asian countrieswith similar economic development level, he added.
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The Economist Intelligence Unit (EIU) of The Economist Group has confirmed Vietnam ’s improving economic prospects, saying after several years of lacklustre economic performance, headline indicators suggest that Vietnam may be turning a corner.
Vietnam’s exports are likely to keep a strong growth in the time ahead, according to the Economist Intelligence Unit (EIU), which is one of the reasons behind the EIU’s positive forecast on the country’s economic outlook in 2014 and 2015.
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The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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Illustrative photo (Source: VNA) 
