The Philippine’s Inquirer cited Stephen Wyatt, JLL’s Country Director in Vietnam that Vietnam is establishing itself as the industrial powerhouse of Southeast Asia. The industrial market is expected to enter a new phase and move up the value chain in the future.

The Inquirer also cited JLL’s report that in 1986, Vietnam earmarked 335ha of land for industrial parks and now the figure is 80,000 ha.

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Photo for illustration: The Low Down

The report also emphasized that the strong growth in land for industry comes from the fact that Vietnam has confirmed its position as an export-driven economy, the development of economic-industrial parks, numerous free-trade agreements, strong economic growth, and young, strong and low-cost workforce. 

Also according to The Inquirer, in the context that more Chinese enterprises are seeking new production areas in foreign countries, Vietnam has become ideal due to the close geographical position.

Many experts assessed that logistics will be one of the major industries of the Vietnam economy in the next five to ten years thanks to rapid growth of the middle-income population and strong growth of e-commerce.

The Inquirer also wrote that Vietnam is concentrating on developing infrastructure with an investment of 5.8 percent of its GDP, the highest investment proportion compared to countries in the region.

The newspaper also said that the ongoing strong investment in infrastructure, especially, highways and deep sea ports, is one of the important conditions for Vietnam to enter the next industrial/logistics phase and become more competitive than its neighboring countries.

Translated by Mai Huong