Strong Overall Growth in Vietnam’s Economy in 2013 highlighted by the Manufacturing Sectors

Manufacturing in Vietnam

Photo courtesy of AmCham Vietnam

Bill Gadd, CEO of Vietnam B2B Direct stated that his company has witnessed first hand the excellent growth of Vietnam`s economy and manufacturing sectors during the year 2013.

International Trade Solutions Co. Ltd. (ITSco) in Ho Chi Minh City, our Vietnam administration branch agency, increased it`s Sourcing Activities and Manufacturing Contracts by over 50% during 2013.”

Compliments must be attributed to the Government of Vietnam for the management of their economy and trade policies that have improved the overall business climate in Vietnam.

In a recent article by Gulf Times whereby it was reported that Vietnam Ambassador Le Hong Phan during his address in Qatar recently stated the following: Vietnam’s GDP achieved an estimated growth of 5.42% last year, which was higher than the 2012 growth rate of 5.25% and a sign of steady recovery.

Mr. Le Hong Pham explained that one of the main reasons for the growth was the increase in exports and foreign investment. For the entire year of 2013, Vietnam’s trade in goods amounted was over $264.26bn in value terms, 15.7% higher than the corresponding period in 2012. Total merchandise exports went up by 15.4% to $132.135bn while total merchandise imports rose by 16.1% to $132.125bn. As a result, Vietnam’s total merchandise exports balanced out total merchandise imports, it was noted.

In 2013, Vietnam received $11.5bn in disbursed foreign direct investment (FDI), a 10% increase over the previous year. Pledged FDI was $21.6bn, a gain of 55 %.

“More foreign companies are coming to set up manufacturing plants in Vietnam. Samsung, the world’s largest smartphone maker, is building a $2bn plant in Vietnam that could make 120mn handsets a year by 2015,” the ambassador said.

Meanwhile, in terms of the number of visitors to Vietnam, the country recorded 7,572,400 arrivals in 2013, a 10.6 % increase over the previous year. Arrivals for tourist purposes went up by 12.2% to 4,640,900.

Vietnam B2B Direct can be your trusted partner in Vietnam

Choosing a Southeast Asian country like Vietnam in sourcing low cost manufacturing entails extensive market research and due diligence. It is imperative for a company to a find reliable local partner with a long history of operating in Vietnam that can help you directly in considering furniture manufacturing, in Vietnam.

You need to have a partner that understands the business climate and culture of Vietnam.

Vietnam B2B Direct’s Management Group consists of well educated English-speaking Vietnamese Personnel in its Vietnam operations trained in western business practices. And, it is important to be able to consult and communicate directly with your local expert in Vietnam that can provide insight on local markets and how these markets are likely to change in the short and the long term.

Vietnam B2B Direct’s focus is on building trade agreements between worldwide companies and Vietnam businesses by providing full supply chain management services in sourcing, manufacturing, importing and exporting.

Contact Mr. Bill Gadd at billgadd (at) VietnamB2BDirect.com to discuss your plans for sourcing a low cost manufacturing solution in Vietnam, or complete our inquiry form here