According to Die Presse daily, thanks to solid growth, trade agreements, and favourable investment conditions, Vietnam is increasingly attractive to foreign businesses who are looking to diversify their supply chains.
As a regional growth engine, since the beginning of this millennium, Vietnam has consistently achieved an average Gross Domestic Product of 6.2%, one of the highest growth rates in Asia. Vietnam has also overcome the COVID-19 pandemic without a recession, even last year, it recorded growth of over 8% - the highest growth rate in more than ten years.
According to the article, export control measures and economic sanctions in the trade war, difficulties related to the supply chain as well as unpredictable consequences of the COVID-19 pandemic have forced businesses to consider diversifying the supply chain. Besides, lower production costs in Vietnam are also attractive to investors, including Austrian firms./.
