According to Marriott, investments in Asia-Pacific have shifted to manufacturing, supply chains and data centres.

He said the processing and manufacturing sector in Vietnam is being driven by a skilled workforce. Currently, production and logistics costs for the import and export of goods in the country are at an attractive level. Import-export activity has also become more convenient thanks to the improvement of logistics networks.

Manufacturing costs in Vietnam are also more competitive compared to other countries in the region, such as Singapore and China. Therefore, businesses are looking to alternative markets and Vietnam is working well in catching those trends, especially in the post-pandemic period, Marriott said.

Dominic Harding, Senior Vice President and Head of Cross Border – Americas, said on the sidelines of the Savills Cross-Border Tenant Advisory APAC Conference 2022 in Ho Chi Minh City earlier this month that compared to China, India and Southeast Asian nations, Vietnam is an attractive investment market with relatively low risks.

This has helped to create momentum to lure investments from many tech firms and other businesses in the US, he said.

Vietnam’s export turnover of processed industrial products in the first seven months of 2022 continued to make a major contribution to the overall growth rate of export activities with an estimated turnover of 185.8 billion USD, up 16.1% over the same period last year, and accounted for 85.9% of the total export turnover, according to the Ministry of Industry and Trade.

Source: VNA