According to a recent worldwide survey conducted by Container xChange - the online platform for container logistics and operations, companies across the world regard Vietnam as one of the most potential destinations to diversify their supply chains in 2023.
The survey of 2,600 industry professionals from over 20 countries on shipping and supply chain industry trends revealed that 67% of participants expect Vietnam will become one of the container shipping centres this year. The report comes amid increased indications that Vietnam is gaining popularity among businesses looking to reduce their reliance on China and spread their supply chain risks. The Container xChange poll also found that U.S. companies are anticipated to relocate more overseas manufacturing to geopolitical allies. As a case in point, Apple shifted 11 factories of Taiwanese companies which are part of its supply chain to Vietnam.
Similarly, the latest report of the Economist Intelligence Unit (EIU) of the Economist Group indicated that Vietnam is a rising star in the region's shifting supply chains for many reasons, including its low-cost manufacturing economy and internal political stability.
Moreover, Vietnam's skilled workforce and the capacity to create high-quality goods at affordable rates have helped to strengthen its position as a major member of global supply chains. This has led to strong demand for Vietnam's products in major markets such as the United States, the European Union, Japan, and South Korea. In fact, Vietnam has become one of the top exporters of textiles and footwear to the United States, and its exports of electronics and machinery have also increased significantly in recent years.
To encourage supply chain shifts, the Vietnamese government is actively finalizing import tax policies, industrial park development policies, and labour productivity enhancements. Therefore, Vietnam has the potential to play a significant role in the global supply chain this year.