Vietnam's FTA with the European Union has officially come into force, giving a strong impetus to Vietnam's economic takeoff.
Vietnam has set up a system of publicizing officials' properties, broken the lifelong system of civil servants, and implemented the appointment system to get rid of the deep-seated chronic disease of the system and break the last fence that hindered the country's development.
Vietnam's unique location, at the heart of Southeast Asia, with convenient transportation and a huge demographic dividend, is not impossible to become a developed country in 30 years according to Vietnam's plan after breaking down institutional barriers.
The global supply chain adjustment, Vietnam-EU FTA came into force, Vietnam's huge young people, all of these for the manufacturing industry to turn to Vietnam to show great temptation.
Young labor force, low labor costs, zero tariffs in the FTA, $10 trillion super market, riding the Vietnam-EU FTA shuttle, for any business, it is hard not to be tempted.
By the end of 2018, the total number of industrial zones across Vietnam was 327, of which 256 have been put into operation***, 71 industrial zones are in the process of demolition and compensation, and the occupancy rate of enterprises has reached nearly 75%.
Besides industrial zones, Vietnam*** has 17 coastal economic zones. As of the end of September 2019, Vietnam's industrial zones and economic zones attracted nearly 3.7 million laborers.
Vietnam has absorbed a total of US$180 billion in foreign investment, with well-known companies such as Nike, Foxconn, Canon, LG, Samsung, and others moving into the country and opening factories.
The European Union, Vietnam's second largest export market, is also an important source of Vietnam's trade surplus.
Vietnam's main exports to the EU include telecommunication equipment, garments and footwear, and agricultural products, while the EU mainly exports electrical equipment, airplanes, automobiles and medical products to Vietnam.
Vietnamese media believe that with the implementation of the Vietnam-EU agreement, Vietnamese enterprises will have the opportunity to participate in new supply chain segments, a great opportunity for Vietnam to fill the gaps in regional and global supply chains.
The European media also said that the EU hopes to diversify its supply chain through the agreement and get rid of its over-dependence on a single country.
With the EU and the United States, the two super markets, Vietnam's impact on our manufacturing industry, can not help but cause alarm, proactive and preventive measures.
While currently relatively backward, but as Vietnam clears the biggest roadblock? institutional barriers and embracing the West, the influx of capital and manufacturing will drive rapid urbanization and infrastructure development, which is bound to propel Vietnam's economy to further take off. In the face of future challenges, Vietnam's toolbox, there will be more good tools.