Vietnam, S.Korea tighten cooperation to diversify supply chains
Despite severe Covid-19 impacts, Vietnam – South Korea trade relations this year is on track to reach or even exceed the US$70 billion mark recorded in 2019.
Despite severe Covid-19 impacts, Vietnam – South Korea trade relations this year is on track to reach or even exceed the US$70 billion mark recorded in 2019.
The country is projected to grow 6.8% in 2021 on condition that the pandemic be contained.
Amid the Covid-19 causing global economic recession, Vietnam stands ready to receive a shift of investment capital from Japanese investors, Prime Minister Nguyen Xuan Phuc has said.
While Vietnam is at risk of being listed as currency manipulator by the US, such a risk appears low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners.
Covid-19 has navigated the restructure in the global supply chains and initiated new opportunities for the partnership, and Vietnam and India are no exception.
Hanoi eyes 10% annual growth of business creation, or 30,000 per year, while the SMEs would create 150,000 new jobs annually during the next five years.
Vietnam’s effective measures against Covid-19 has been instrumental for Samsung Vietnam to maintain positive business performance, said Samsung Vietnam’s CEO Choi Joo Ho.
Digital technology is taking a growing role in the world’s food supply, from farm to fork. The right policies would ensure that the benefits are shared.
With a growing number of multinationals looking to set a foothold in Vietnam, the country is having a great opportunity from a new wave of foreign investment, according to the trade ministry.
While countries across the world are still in the fight against Covid-19, Vietnam has resumed business as usual and become one of the first countries to diversify the supply chains.