Opportunities Abound: Vietnam’s Manufacturing Landscape and How Chinese Enterprises Adapt
<p>Over the past few years, the world has watched global trade dynamics undergo significant transformations. A primary disruption came from the tension in Sino-American trade relations, leaving Chinese enterprises in a challenging position. The aftermath of the Section 301 Investigation in 2018 saw a 25% tariff levied on certain Chinese imports, leading to a 14.5% decline in trade between the two giants by the first half of 2023 [1]. As articulated by Xie Feng, China’s ambassador to the U.S., this downturn is largely attributed to the U.S. tariffs and export controls.</p>
<p>Amid the trade conflict, Vietnam has become a significant beneficiary. President Joe Biden’s 2023 Hanoi visit marked the strengthening bond, further evidenced by senior executives from leading corporations like Google, Intel, and Boeing attending the Vietnam-U.S. Innovation & Investment Summit. This Summit aims to foster technological innovation and talent development in Vietnam. Key initiatives involve vast investments in semiconductor training, emphasizing STEM education, overhauling higher education to match global benchmarks, and launching the VUSTAR research initiative [2].</p>
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