Vietnam among fastest-growing economies: Asia Times

In an article titled “A tiger economy starts to roar in Vietnam”, the media outlet shared that amid the COVID-19 pandemic and rising trade tensions between the United States and China, Vietnam leapfrogged the Republic of Korea to become the United States’ sixth-largest trade partner by import value in 2022. 

According to the piece, this jump represents an important pivot in terms of Vietnam’s economic strategy as the nation’s biggest export to the US market is no longer textiles and garments, but instead high-tech products.

Asia Times also noted that by the end of the year many flagship Apple products will have been assembled in Vietnam. Rather than competing against China’s “world factory” tag, Vietnam has instead branded itself as an additional manufacturing destination to China within the global supply chain ecosystem. 

The country has provided a much-needed “neutral” environment for foreign fintech firms to de-risk and reroute their exposure from the US-China great power rivalry, including Apple’s shift of production away from China and US-based Amkor Technology’s investment of US$1.6 billion investment in a semi-conductor factory.

The article revealed that Vietnam is also welcoming back Huawei after initially deferring to US efforts to ban the company.

The Asia Times also shared that the nation boasts the potential to become the fourth-largest exporter of high-tech goods behind China, Taiwan (China), and Germany.

“Though Vietnam currently holds the seventh position, its growth has no rival,” it affirmed.

Accordingly, high-tech goods as a share of Vietnamese exports hit 42% in 2020, up from 13% in 2010.