Despite labour shortages, the Russia-Ukraine conflict, inflation, and increasing oil and raw material prices, Viet Nam's industrial sector performed well in the first quarter.
Our 2021 Industrial Whitepaper looks at Viet Nam’s industrial transformation and its move onto its position as a leading manufacturing hub. Despite a challenging 2021, strong economic forecasts and the increase in high-value industries mean that foreign and value-added investors remain bullish on Viet Nam’s long-term growth.
In Q3/2020, upticks in Manufacturing and Exports saw gross domestic product (GDP) increase 2.62% year-on-year (YoY). Successful Covid containment and increased overseas demand helped accelerate recovery from the first half slowdown.
Viet Nam has transformed from an agricultural-based economy to one of the most popular manufacturing and industrial hubs in Asia and is now transitioning from low skilled and labour-intensive production to higher-value industries.
