According to its recent article posted on redlanternanalytica.com, as a key player in various global value chains, especially in manufacturing and export-oriented industries like garment and textile, electronics, and engineering, Vietnam has been a major competitor due to its cost advantages, strategic location, and improved infrastructure.
Vietnam eyes to become a semiconductor production hub in the world. (Photo: VNA)
Its engagement in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA) has helped the nation better its market access, and global supply chain integration, it highlighted.
The country’s focus on improving infrastructure, comprising ports and logistics, has also played a key role in facilitating integration into global value chains. Furthermore, efficient transport and communication networks have consolidated Vietnam’s role as a manufacturing hub, and enhance its attractiveness as an investment destination.
Vietnam’s strategic importance is evident in its relationships with major world powers, and its role in regional and global dynamics. The nation’s strategic positioning provides it with significant leverage in international negotiations, and helps shape global economic policies. Vietnam’s role is expected to become even more important in the future, it concluded.
