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Vietnam has the opportunity to participate more deeply in the global supply chain when the United States has positive movements. The ‘new era’ to attract inflows of foreign capital is opening for Vietnam.
Opportunity to deepen participation in global supply chains.
In the last days, the world media of EE information. USA And the “Quad Plus” will create an “Economic Prosperity Network” with the purpose of supposedly changing. Part of the supply chain leaves China and diversifies to reduce risks.
It is unclear which countries will be in the “thriving economic network,” however, the United States government is working closely with Vietnam, South Korea, New Zealand, Australia, India, and Japan. And it is probable that EE. USA Target these countries to restructure global supply chains.
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| Vietnamese companies seek to seize opportunities to participate more deeply in the global supply chain. Photo: Luong Bang |
Commenting on this topic, Mr. Nguyen Van Toan, Vice President of the Association of Foreign Investment Companies (VAFIE), said that this is a great opportunity for the Vietnam supply chain in particular and the global market in general. Less Dependent on China Currently, Vietnam’s export products rely heavily on the supply of raw materials as well as semi-finished products from China, including textiles and footwear.
Assessing Vietnam’s effective prevention against the Covid-19 epidemic is one of the factors helping to improve Vietnam’s reputation, Mr. Nguyen Van Toan shared: If you participate in that supply chain, apart from Vietnam’s efforts, On the one hand, Vietnam will also receive strong technical, technical and special assistance.
According to a VAFIE representative, it is possible to move the supply chain out of China. The Covid-19 epidemic has shown that the world depends on the Chinese supply and that it is a “drop of water that overflows the glass.” Along with the trade war between the United States and China over the years, countries seem to realize that trust with China has declined significantly.
“Global supply chain, global manufacturing relies too heavily on China. China’s instability affects not only the United States, but many other countries, especially Japan, with the intention of encouraging companies to leave China. The evidence is that Japan spent $ 2.2 billion to attract companies to or from other countries, of which Southeast Asia is the number 1 target, ”said Mr. Nguyen Van Toan.
Other countries have similar moves, paving the way for companies to leave China. Although the trend of companies to leave China is there, but according to Mr. Nguyen Van Toan, the level of how is unknown. This is what “degrades resolution”.
Dr. Asoc. Prof. Do Duc Dinh, former director of the Africa and Middle East Research Institute, said that Vietnam or other countries will not be able to immediately replace China to play a crucial role in the global supply chain. But this is an opportunity to gradually lift Vietnam’s role in the supply chain. At this point, the world looks at China with a very suspicious gaze. China’s control of global supply chains now worries countries.
Believing that Vietnam could take advantage of this opportunity, Dr. Do Duc Dinh analyzed: Vietnam has made very good improvements in terms of health, economy and workforce. Previously, many companies investing in Vietnam were concerned about the shortage of Vietnamese skilled labor, but now, Vietnam’s technology-related workforce has initially gathered. Although Vietnam is at the end of the gold workforce, if you maintain a good workforce for another 10-20 years, it is entirely possible that Vietnam will make a deeper contribution to the entire supply chain. bridge.
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| Vietnamese companies must grow to meet strict quality requirements. |
Create a more open investment environment.
What do we have to do to take advantage of this opportunity is the question being asked? Responding to this question, Mr. Nguyen Van Toan said: On the government side, there should be new movements to improve the investment environment, first of all the laws and statutes. We have recently talked a lot about the amended Investment Law, which needs to be revised from two new points of view and perspectives.
First It is based on Resolution 50 of the Politburo on attracting foreign investment.
Monday, the modification of the Investment Law must be based on the new selection base for new investment flows. In particular, a very large investment flow comes from the EU and the US. USA, where there is high technology with good management technology. EU and US companies. USA They will create better dissemination values among Vietnamese companies and workers.
“If we take Chinese investment flows, they are not careful to want to do it. They can bring unskilled labor and lack of advanced equipment to Vietnam. The supply chain itself is also made from A to Z, and it rarely cooperates with Vietnamese companies to join their chains, “Toan said.
On the commercial side, according to the VAFIE representative, he must be proactive, creative and strive to be able to sustain himself and shake hands with foreign companies alike.
“Previously, when we exported to an easy market like China, we couldn’t develop our own quality. US markets USA And Japan … require stricter quality and food safety. Companies must rise to find new partners and new markets. Companies also have to find more diverse sources, putting eggs in many baskets. When China’s supply chains are disrupted or disrupted, companies will not budge, “suggested Mr. Nguyen Van Toan.
Meanwhile, associate professor Dr. Do Duc Dinh commented that fiscal policy should aim to “nurture income.” “The state can establish a low tax rate to help companies increase production. So tax revenue has an opportunity to increase sustainably. “
Also, another very important thing, Vietnam needs to have a more open view of the market economy, including the private economy. At that time, companies will be motivated to develop, contribute more deeply to the economy, create more added value, and participate boldly in the global supply chain.
Luong Bang
United States restructures global supply chains, opportunities for Vietnam
Vietnam was invited to discuss with the “Quad Plus” group to restructure global supply chains. This is a great ambition of the United States under the President of the United States, Donald Trump, and an opportunity for Vietnam.
