Singapore Companies Eye Vietnam to Navigate Manufacturing Shifts, Green Transition, and the AI Revolution

Singapore’s role as the leading investor in Vietnam has become increasingly pronounced over the last five years. According to the United Nations Conference on Trade and Development , Foreign Direct Investment in Vietnam rose by an extraordinary 59% — from $51.0 billion in 2012-2016 to $81.0 billion in 2017-2022. And Singapore has been at the forefront of this investment surge.

Geographically positioned in the heart of Southeast Asia, Vietnam serves as a critical gateway to major Asian markets, including China and the ASEAN countries, that play a key role in global supply chains. The country's demographic profile features a young workforce and a burgeoning middle class that together supports labor-intensive industries and fuel domestic demand for diverse services and products.

The manufacturing landscape is shifting significantly from China to Vietnam, as escalating labor costs in China and the ongoing US-China trade tensions have compelled companies to explore more cost-effective alternatives. Major brands such as Nike and Adidas have already established substantial production bases in Vietnam. Nike, for instance, produces 50% of its footwear and 29% of its apparel in Vietnam, surpassing production in China. The trend extends to high-tech manufacturing as well.

While still in its early stages of AI development, Vietnam is encountering challenges due to a lack of specialized expertise and inadequate regulatory frameworks. Despite these hurdles, the country is making significant strides under its National Digital Transformation Program scheduled from 2025 to 2030. Plans are in place to establish national centers for big data, supercomputing, and AI innovation centers aimed at attracting startups and investments.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New study reveals that majority of Singapore companies still enforce 100% office-based work policyThe study's results suggest that more efforts are needed to raise awareness and encourage companies to adopt more flexible and fair workplace policies
Source: IndependentSG - 🏆 9. / 63 Read more »

Dream Workplace: Top 15 companies to work with in Singapore; LinkedIn 2024 reportLinkedIn's evaluation criteria were based on 8 key pillars: career advancement opportunities, skill development, company stability, and gender diversity
Source: IndependentSG - 🏆 2. / 72 Read more »

Financial firms lead LinkedIn’s top companies in SingaporepstrongspanspanspanspanspanspanLinkedIn unveils companies list where professionals advance the most./span/span/span/span/span/span/strong/p pspanspanspanspanspanspanFinancial institutions dominate LinkedIn’s 2024 Top Companies list for Singapore, comprising over half of the top 15.
Source: SBRMagazine - 🏆 13. / 51 Read more »

1 in 10 Singapore companies ready to consider employees’ requests for job sharingThe Association of Small and Medium Enterprises says the take-up rate for job sharing has been low, with only 2 per cent of firms offering the arrangement in 2019.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

One in 10 companies in Singapore ready for job sharing: ASMEThe Association of Small and Medium Enterprises said one in 10 companies in Singapore are ready to consider employees' requests for job sharing. Five years ago, 2% of firms offered such flexible work arrangements.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »