Role as global manufacturing hub to fuel Vietnam’s growth: Oxford Economics
(VOVWORLD) - British forecasting and quantitative analysis company Oxford Economics has delivered positive assessments of Vietnam, highlighting its growing role in global manufacturing supply chains.
 A production line of electronic devices for computers. (Photo: Danh Lam/VNA) |
The firm noted that Vietnam’s goods exports were up 6.9 percent in 2020, which is a solid achievement given that world trade fell 7.8 percent. Vietnam also saw a 0.5 percent rise in foreign direct investment, which further strengthened its role in global manufacturing supply chains.
According to Oxford Economics, Vietnam will benefit from the increasing global demand for electronics. It expects Vietnam’s manufacturing sector to be buoyed by a rebound in world trade this year as the “new normal” stabilizes. This is in part due to the US’s 1.9 trillion USD stimulus package, which will likely bolster US demand for Vietnamese exports, said Oxford Economics.