Industry Snapshots
While Vietnam is widely known for being a prime location for investors operating in the textile industry, there are many other business areas that are seeing significant growth in the country. Interestingly, Vietnam is well on its way to becoming a key location for high-technology manufacturing, with companies like Samsung, LG Electronics, Nokia, and Intel making multi-billion dollar investments into the country. Other business areas include information and communications technology, automotive, and medical devices.
The American Chamber of Commerce predicts that Vietnam will become the largest ASEAN supplier to the U.S. by the end of 2014 – with a net export value of around US$29.4 billion. In fact, Vietnam is likely to become the wealthiest Southeast Asian country in terms of trade. Additional statistics indicate that bilateral trade with the U.S. will surge to US$57 billion by 2020, cementing Vietnam’s prominence as a valuable hub for foreign investment.
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