News

Vietnam constitutes potential market for British electronics firms

02/07/2021    48

Vietnam is a potential market for British firms operating in the electronics industry, Do Nhat Hoang, Director of the Vietnamese Ministry of Planning and Investment’s Foreign Investment Agency, said at a webinar on June 30.

The webinar discussed potential and advantages when investing in Vietnam’s growing electronics industry. It saw the participation of numerous British businesses.
Vietnam is now the 12th biggest electronics exporter in the world and the third largest in Southeast Asia. The export value of the electronics products doubled to 96.9 billion USD in 2019 from 47.3 billion USD four years earlier.

The flow of foreign investment in the field also posted strong growth in the period with the presence of giants such as Samsung Electronics, Intel, and LG Electronics.

In addition, Vietnam ranks fourth in the Asia-Pacific region in foreign direct investment attraction.

At the webinar, Hoang pointed out strengths of the Vietnamese market, particularly its strategic location in the region, political stability and open investment policy with many incentives, among others.

The nation recorded the highest economic growth in Asia in 2020 and its gross domestic production (GDP) is projected to reach 7 percent this year.

Furthermore, 60 percent of surveyed foreign businesses affirmed that they will expand investment in Vietnam, he added.

Hoang called on British firms to bolster investment in Vietnam in general and the electronics industry in particular, as cooperation potential between the two countries remain huge after the signing of the UK-Vietnam Free Trade Agreement.

Source: VietnamPlus