Vietnam has solidified its position as a beacon for Taiwanese businesses, drawing substantial investment and fostering robust trade relations.

Deputy Minister of Planning and Investment Tran Duy Dong, speaking at the Vietnam-Taiwan (China) Business Forum on 8 April, underscored the deepening economic cooperation, highlighting Vietnam's allure as the leading investment hub for Taiwanese enterprises in the ASEAN region and beyond.

Booming Trade and Investment

Over the years, Vietnam has seen a remarkable influx of investment from Taiwan, with figures soaring to new heights. In 2023 alone, Taiwanese investment in the South East Asian nation surged fourfold, reaching a staggering USD 2.2 billion.

Cumulatively, Taiwan stands as the fourth-largest investor in Vietnam among 105 countries, boasting nearly 3,200 projects and a total registered capital exceeding USD 39.5 billion.

Moreover, Taiwan has ascended to become Vietnam's fifth-largest trading partner with current annual bilateral trade turnover reaching USD 25 billion, marking a significant milestone in their economic partnership.

The Technological Footprint

Taiwan's robust economy, coupled with its cutting-edge technology, has propelled its enterprises to establish a formidable presence in Vietnam.

Major Taiwanese corporations such as Foxconn, Wistron, and Quanta have spearheaded investments across various sectors, heralding a new era of collaboration.

These investments have not only infused capital but also facilitated technology transfer, localization efforts, and the cultivation of skilled labor, bolstering Vietnam's industrial landscape.

Forum Insights and Collaborative Ventures

At the Vietnam-Taiwan Business Forum, industry leaders converged to explore avenues for deeper collaboration and investment opportunities. Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry, commended Taiwan's pivotal role as a crucial investor in Vietnam's growth story.

Highlighting the resilience of economic ties amidst global challenges, he emphasized Taiwan's unwavering commitment to expanding its footprint in Vietnam, a sentiment echoed by Mr. Dong.

Semiconductor Sector Beckons

With Vietnam's aspirations to bolster its semiconductor industry and integrate into global supply chains, Mr. Dong called upon Taiwanese businesses to explore investment opportunities in this burgeoning sector.

Recognizing Taiwan's prowess in semiconductor manufacturing, he underscored the alignment between Vietnamese policies and Taiwanese strengths, urging for greater collaboration to propel technological innovation and production capacity.

Forward Trajectory

As Taiwan's interest in Vietnam intensifies, Mr. Dong envisions a promising trajectory for bilateral cooperation. The global Taiwanese business community's rendezvous in Hanoi signifies a renewed momentum towards deeper economic ties and investment ventures.

With a focus on quality investments and technological advancement, Vietnam stands poised to emerge as the ultimate destination for Taiwanese investment, fostering a flourishing partnership that transcends borders and propels mutual prosperity.

Source: VnEconomy