Economic 360 for Vietnam: Growth Prospects and Emerging Opportunities in the Manufacturing Industry

Manufacturing sector accounts for 24 percent of the GDP in 2009. With an aim to become industrialized country by 2020, Vietnam’s manufacturing industry has been undergoing major changes as a result of government initiatives, WTO commitments and industrial liberalization. Industrial development strategy for the period 2011-2020 to focus on the development of Textiles, Leather, Chemicals, Agro processing, Electronics, Automotive, Information and Communications technologies are expected benefit from the industrial development strategy. Due to improving business climate, increased trade and investment cooperation, low labour cost and Vietnam is expected to emerge as a major manufacturing hub in the ASEAN region.