The trade tensions between the US and China have prompted multinational companies to transfer their production facilities from China to Vietnam, resulting in a surge in labor demand.
For this year’s first quarter, China was the largest greenfield investor in Vietnam among 42 other countries and territories. Information from the Vietnam’s General Statistics Office shows that China invested USD 732.2 million, which was 18.9% of the total investment in the period.
The Manufacturing and processing industry is expected to attract significant attention, reaching a reported USD 8.4 billion of investment capital which is 77.7% of total FDI approvals.
Furthermore, new projects in Vietnam are likely to launch factories which will double or triple employees during the year, particularly in the electronics and high end components Manufacturing fields.
(Source: Hanoi Times)