If you thought that China was still the world’s greatest supplier, you would be wrong. With China’s new labor laws and increased wages, they are starting to set up manufacturing plants in Vietnam to stay competitive. Along with being one of the fastest growing economies in Southeast Asia, Vietnam’s main goal to become a developed nation by 2020. And it’s well on its way to achieving this. Vietnam’s GDP has increased by 350% since 1991, second only to China, and it’s showing no evidence of slowing down.
With the Vietnamese dong being much weaker than the US dollar, your business can purchase Vietnamese supplies at a discounted price. The Vietnamese government is aiming to become a “cashless” economy by 2020, by incentivizing ecommerce and systems that don’t use physical cash.
This is another opportunity for your business, as it opens up the trading market to a large number of consumers who have relied on traditional trading through cash. It’s time that your business becomes acquainted with Vietnam, the new king of manufacturing.
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