Even the most powerful Asian tigers have been left weakened to some degree by the financial fallout of COVID-19, yet Vietnam has emerged relatively unscathed. The country was already an exceptional economic performer among its South-East Asian neighbours even before the pandemic, thanks to its burgeoning manufacturing sector and friendly, lucrative trade relations with bigger players.
This enviable standing is the result of a concentrated three-decade effort to make Vietnam’s economic virtues – prime geography, low labour costs and a formidable export market – available to foreign investment. Trade, by 2017, made up a whopping 200 per cent of Vietnam’s gross domestic product – a record in the eyes of the World Bank.
Fast forward to 2021, where Vietnam’s economy is expected to grow by 2.4 per cent thanks in large part to its effective response to the COVID-19 pandemic. Western companies that made Vietnam their home before the health crisis took hold, such as Italian gear motor and drive system manufacturer Bonfiglioli, are beginning to enjoy the dividends of their move east.
“The potential for Bonfiglioli in Vietnam is huge,” says Andrea Genuini, Bonfiglioli Vietnam’s General Manager and Country Manager for Bonfiglioli South-East Asia. “We are working in one of the fastest-growing regions in the world, and I’m lucky because the company’s top management is very keen to grow the business in SouthEast Asia, so they don’t hold back any resources.”
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