Companies, already under pressure from rising production costs in China, have been scrambling to identify factories to work with in the Vietnam to avoid heavy tariffs.
A worker makes Christmas cards in a factory in Hung Yen. Vietnam's is now the 8th biggest source of American imports, up from 12th place last year.
. Companies, already under pressure from rising production costs in China, have been scrambling to identify factories to work with in the Southeast Asian country to avoid heavy tariffs. The strain on resources is helping temper expectations in a country that experts say is being unfairly, the behemoth to the north which dictated the rules of global trade the last two decades. For one thing, Vietnamese producers, unlike those in China, have to import much of their raw materials such as steel, fabric and chemicals.
A key to attracting more multinational firms to Vietnam is infrastructure improvements, experts say. In addition to crowded ports, roads remain spotty across the country. And a first-of-its-kind metro rail project in Ho Chi Minh City has been plagued by major delays and cost overruns.foreign direct investment
Hanoi has since pledged to purchase more U.S. goods to reduce a trade deficit with Vietnam that hit a record $39.4 billion last year Nguyen, 28, left Australia in February after living in Melbourne for five years. Her boyfriend, an automotive engineer, will join her this month and was offered a lucrative job at VinFast, Vietnam’s first domestic carmaker. Nguyen now works at Sourcify, a San Diego-based start-up that links clients with factories and has offices in Vietnam, China, India and Cambodia.
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