Vietnam among five centers of the global supply chains

Vietnam, like China, as a communist country, has undergone a fast economic transformation since 1986.

The changes have produced results, moving Vietnam from "one of the world's poorest nations to a middle-income economy in one generation," according to the World Bank.

According to the Ministry of Planning and Investment, Vietnam received over $31.15 billion in foreign-direct investment promises in 2021, an increase of more than 9% from the previous year. Approximately 60% of the investments went into manufacturing and processing.

Vietnam's primary strengths are in the production of clothing, footwear, electronics, and electrical appliances.

Apple has already relocated some iPhone manufacture to Vietnam and plans to relocate some MacBook production there as well.

Nike, Adidas, and Samsung are among the other firms that have moved some of their production lines from China to Vietnam.

Source: Business Insider