Viet Nam Human Rights
Viet Nam is top investment destination in ASEAN
Lange made the above statement during his meeting with Prime Minister Pham Minh Chinh in Ha Noi on Friday.
Lange spoke highly of cooperation prospect with Viet Nam in such areas like climate change, environmental protection, green growth, and energy transition.
He said the European Union (EU) is now carrying out a number of strategies and initiatives on green transitin, including Fit for 55 which refers to the EU's target of reducing net greenhouse gas emissions by at least 55 percent by 2030, expressing his hope that Viet Nam and the EU will jointly implement projects in this domain.
Prime Minister Pham affirmed Viet Nam has been keen on its foreign policy of independence, self-reliance, diversification and multilateralization of external relations, in which the EU is one of Viet Nam's major partners.
Pham noted with pleasure at the positive developments of the comprehensive partnership between Viet Nam and the EU, notably both sides have established full cooperation mechanisms on politics, economy-trade-investment, forestry, defense and security.
Particularly the two-way trade and the EU's investment flows to Viet Nam have grown remarkablly since the EU-Viet Nam free trade agreement came into effect from August 1, 2020.
Pham asked the EU to continue creating favorable conditions for Vietnamese goods to enter the markets of its member countries and to ratify the EU-Viet Nam investment protection agreement in order to further advance economic ties.
He also urged the EU to soon remove "yellow card" warning against Vietnamese seafood exports and continue technical assistance for the Southeast Asian country to combat illegal, unreported and unregulated fishing.
On environment and climate cooperation, Prime Minister Pham suggested the EU continue assisting Viet Nam in setting up Viet Nam-G7 partnership on just energy transition.
Pham also took the occasion to re-assure Viet Nam's support for stronger partnership between ASEAN and the EU./.
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All comments [ 19 ]
low wages are a large reason why so many manufacturers have moved to Vietnam in the last decade.
Incorporating Vietnamese producers into supply chains is relatively straightforward both upstream and downstream.
Vietnam shares a border with China, which makes it easier for manufacturing firms in Vietnam to integrate into China’s vast network.
Vietnam is party to 15 different free trade agreements that encompass more than 50 countries around the world.
For manufacturers, this means that a product produced in Vietnam can be sold to other markets – including many wealthier western markets – without needing to pay prohibitively expensive tariffs along the way.
Another reason why investors may lean more towards Vietnam rather than some of the ASEAN-4 nations is Vietnam’s relative security and political stability
Vietnam has been named one of the leading investment destinations in Asia for a second straight year
For two years in a row, Vietnam has come out on top.
While not the lowest in Southeast Asia, Viet Nam’s average monthly wage is around one-third lower than wages in the ASEAN-4 nations, according to data from the National Wages and Productivity Commission.
For manufacturers whose labor costs can often comprise 20-30 percent of the total gross sales value of their finished goods, making use of low wages can lead to a significant business advantage.
Wages are not the only determinant of the decision on where to establish production. Firms also must consider factors like supply chain integration.
This is because Viet Nam is home to two international airports, several major ports, reliable power, and easy internet access.
Since the country is small in geographic size, most suppliers are located close to an airport or major seaport.
Physically getting the necessary supplies to the factory and getting the finished goods out of the country is only one aspect of international trade – firms operating across borders must also deal with many other trade barriers, such as tariffs.
Being able to easily produce goods at a low cost is not the end of the story – businesses must also be able to sell these goods to customers and this often involves keeping prices low.
Relative to a lot of other Southeast Asian countries, Vietnam makes it very easy to sell domestically produced goods in other countries without unnecessary added costs.
Viet Nam’s political and security environment is largely stable and protests and civil unrest are rare.
This political instability and related security concerns inject added risk into establishing a manufacturing base in the countries – not the most inviting atmosphere to invest millions of dollars into setting up manufacturing.
Viet Nam has weathered the COVID-induced supply chain disruptions well, still being regarded as a key and growing manufacturing hub.
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