© stevanovicigor Business | April 15, 2015

Free Trade agreements to boost Vietnam's manufacturing sector

With lower taxes as a result of Free Trade Agreements (FTA) Vietnam inked with Australia, Chile, China, India, Japan and Korea, imports of industrial machinery and manufacturing equipment to Vietnam is expected to rise in 2015.
In January 2015, Vietnam's Foreign Direct Investment (FDI) increased about 67 percent to USD 663 million from the same period last year. A total of 44 FDI projects were registered, with 19 new projects breaking ground in the same month. One of the investment sectors identified was manufacturing, which attracted about USD 605 million.

As more foreign companies look to tap on Vietnam as an export production base, the local community as a consequence is spurred to accelerate its move up the value chain by upgrading current production capabilities with high end technologies.

"Vietnam's manufacturing industry has transformed and expanded in recent years due to opportunities presented as a result of its healthy labour pool and flow of foreign investment. Now, there is a rise in demand for high quality manufacturing tools and solutions which can help local companies increase their productivity and reduce cost in order to stay ahead of the evolving business climate, says Mr. William Lim, Project Director for MTA VIETNAM from the show's organiser, Singapore Exhibition Services.


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