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Many big foreign firms want to expand production in Vietnam

The Saigon Times

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HCMC – Minister of Foreign Affairs Bui Thanh Son has denied news reports that some large foreign companies had plans to shift production out of Vietnam, saying that some have even expressed their intention to expand their investment in the country.
Foxconn, Apple, Intel and adidas are among the big names that are planning expansion in the country, Son said at a working session of the National Assembly’s second sitting on October 21.
Son said the Foreign Ministry had worked with a number of companies, including adidas and Apple, and they had said that they had to shift some orders to other countries due to Vietnam’s protracted social distancing measures.

However, Vietnam has reopened its economy and their production units in the country are recovering and will be expanded.

The minister added that Foxconn, Apple and Intel highly valued Vietnam’s potential given the free trade agreements it had signed, the local media reported.

Discussing economic recovery solutions, the minister stressed the importance of a general socioeconomic recovery plan, adding that fiscal solutions were needed to stimulate the demand. In the post-pandemic period, residents’ lives were difficult, so the general demand has dropped.

He said many migrant workers had returned to their hometowns, leading to a labor shortage.

To resume normal life again, the country must increase the vaccination rate, Son said, adding that the country had received some 99 million Covid-19 vaccine doses. By the end of this month, the figure will increase to some 110-120 million.

The Government’s working group on vaccine diplomacy is formulating a plan to buy Covid-19 vaccines in 2022 and produce local vaccines. Vietnam must consider the issues quickly to take the initiative in vaccine supplies so the country can vaccinate children, especially as many other countries have already administered the third jab.

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