The COVID-19 situation has considerably sped up the transition of manufacturing work into Vietnam and the country is uniquely positioned to take advantage of this move.
An article recently published on SeekingAlpha content service said Vietnam has welcomed many companies that have looked to shift manufacturing in the recent years.
Although not very big, the Vietnamese economy is growing rapidly at around 6-7 percent. The country is the fourth largest economy in the region and posting faster growth compared to its neighbours, according to the article.
Vietnam has a slightly more diversified economy that does manufacturing of textiles, footwear, some electronic components, and also automotive manufacturing
The International Monetary Fund (IMF) reports that the economy is diversified enough to manage the COVID-19-induced economic slowdown and still stay positive in forecasts published by IMF, it added.
Vietnam is one of the few countries in the world not to expect a recession, though its growth rate for this year is far less than the typical 6-7 percent pre-crisis projections./.