When it comes to figuring out which countries are doing well and which aren’t, sometimes it’s not that obvious. It’s no secret that Vietnam is a booming economy. From seafood to packaging, there isn’t much that you can’t find there. Vietnam is the third-largest exporter of seafood on the planet, behind Norway and China, and one of the world’s leading exporters of packaging. But if you’re trying to get something specific produced, there are special industrial trade zones that have been set up – 220 altogether and 16 economy zones. You’ll be able to take advantage of the many benefits reserved for foreign investors, such as tax rate locks and benefits. In this article, we will help you understand what kind of production is on offer and explain how Vietnam might be the right country for you to source your products from.
Clothing and Footwear
Big names have their textiles made in Vietnam, such as Nike, H&M, the North Face, Uniqlo, Gap, and many others. There’s a good chance most of your wardrobe will have a label on it that says ‘Made in Vietnam.’ Vietnam is experiencing a growth rate of over 10% a year as well as being responsible for 30 billion US dollars of exports in 2017 alone, and that is excluding footwear. Footwear alone constitutes 12 billion US dollars in transactions. The industry is thriving, and you can get anything manufactured in Vietnam, from flip flops to moccasins and expensive sneakers, with quality to match your investment.
Furniture and Wood-Ware
Just as you will be familiar with the big brands of the textile industry that manufacture their products in Vietnam, there are quite a few recognizable brands that produce their furniture in the country, from West Elm to Ikea. Today, Vietnam is the second-largest manufacturer of furniture in the world, behind only China. But China’s production is decreasing, and Vietnam stands as the world’s fastest-growing economy in the manufacture of furniture.
A total of over 5 billion US dollars are generated every year from the export of finished wooden goods, most of which are pieces of furniture. However, you can also get more basic wooden components made in Vietnam, such as tool handles and the like. Because of its tropical climate, the country boasts a variety of high-quality hardwoods that can be sourced and processed locally.
Consumer Goods and Packaging
It’s not just clothes and furniture – you really can get anything from there. Vietnam was the world’s leading producer of packaging. In 2017 when it exported over 70 Billion dollars of consumer goods. These are defined as products that are destined to be used by an individual consumer rather than a business entity. Because the market is so big, it can often lead to unwanted confusion. If you are trying to source consumer goods from Vietnam, the experts at The Firth Group can help in manufacturing and shipping products straight from Vietnam. Having a company that has people on the ground to handle getting your products made and delivered instead of dealing with a middle-man is a no-brainer – it saves time, money, and manpower.
The construction material industry is booming, too, and the range of materials available goes from cement and steel products to screws, bolts, and other fastenings. Vietnam has a vast and dynamic construction material industry. The steel and ironworking industry is also one of Vietnam’s fastest expanding, growing at a rate of 20% per year, and the country stands as South East Asia’s largest producer and consumer of steel. This is in part due to some of the world’s largest imports in scrap ferrous materials, which are then recycled and transformed into new, finished goods.
On top of the Mekong river and delta, Vietnam boasts over 2,000 miles of coastline that stretch from North to South, allowing the country to have access to rich marine biodiversity, with many different species of fish and shellfish. This is supplemented by an industry in aquaculture that farms both inland and on the shore
No matter what it is you are looking for, you will be able to source it in Vietnam. As a developing nation that has undergone intense industrialization, industry, and investment has been growing exponentially, making Vietnam globally competitive and attractive to businesses. Sourcing your products from there will guarantee efficiency and effectiveness in your supplies, as well as relative quality of output to match your investment. Whether you want kinds of seafood or the packaging you’ll be selling it in, or even the tables and chairs your customers will be sitting on – Vietnam can make it all.