Vietnam is considered an attractive destination for multinationals amidst the wave of industrial production shift, enterprises have said while attending Vietnam’s International Exhibition on Machine Tools & Metalworking Solutions for Production Upgrade (METALEX Vietnam 2023) in Ho Chi Minh City.

The Southeast Asian country has welcomed an influx of investment from many tech giants such as Foxconn, Samsung and LG. However, efforts should be exerted to develop green energy and high-quality human resources so as to meet the requirements of investors.

Investors give social and environmental responsibility careful considerationbefore injecting capital or setting up joint ventures with Vietnamese firms.

General Director of RX Tradex Vietnam Vu Trong Tai said that with a view to capitalising on foreign investment and expansion of industrial production, Vietnamese producers should improve their competitive edge by upgrading machines, applying state-of-the art technologies into production, and improving human resource quality.

He particularly stressed that support industries and electronics hold huge potential to join the global value chain.

Meanwhile, Hirabayashi Tomoya, a representative from Yahama Vietnam’s business and marketing division, said the world’s leading technology brands have enhanced promotion in the Vietnamese market as they see Vietnam as an attractive venue for industrial production in ASEAN.

Experts said as demand for precise manufacturing and production of electronic devices in the country is on the rise, new solutions and technologies will help Vietnamese producers improve their productivity.

Vietnam’s economic recovery from the outset of this year has been largely spurred by industrial production, especially stable FDI inflow.

In Ho Chi Minh City alone, some 406 million USD was registered in 860 new FDI projects during January – September, up 16.7% and 51.7%, respectively.

Regarding the industrial sector, the city granted business licenses for 6,941 firms who registered more than 94.9 trillion VND (3.88 billion USD) for their operation.

VNA