Blocking China’s path: The rise of ‘Made In Vietnam’
In the last of a 7-part BT-Lianhe Zaobao series on China and Asean, Lianhe Zaobao travelled to Vietnam for a closer look at its economic rise, and whether “Made in Vietnam” can replace “Made in China”
HEADLINES such as “Vietnam’s exports overtake Shenzhen” and “Is Vietnam the next China?” have drawn attention in China’s media and online forums, reflecting anxiety that Vietnam might usurp China’s position as the world’s factory.
Western media, meanwhile, have focused on how China’s zero-Covid policy has caused orders to be diverted to Vietnam. In a June report by German newspaper Frankfurter Allgemeine Zeitung with the eye-catching headline “Goodbye China, Hello Vietnam”, one manufacturer said: “Vietnam seems to be a better and cheaper China.”
In the second quarter of 2022, Vietnam’s exports rose 21 per cent year on year and economic growth hit an 11-year high of 7.7 per cent. The country has emerged from last year’s slump, when lockdowns in several cities – including the capital Hanoi – caused gross domestic product (GDP) to shrink 6.2 per cent in the third quarter.
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