India has become an increasingly attractive manufacturing center. Can Vietnam catch up?

Modi has taken a series of economic measures since he took office in India, hoping to take advantage of India's large population and low cost and learn from China's successful experience in reform and opening up. Made in India? Provide more jobs, strive to narrow the gap between the rich and the poor in Indian society, and realize the goal of India's rise. In fact, the rebound of Indian manufacturing industry is really good. I think Vietnam of similar level should catch up with India. There are three reasons.

First, Vietnamese labor is cheap. Vietnam once attracted low-end industries such as textiles and clothing. Due to the rising labor costs in China, foreign enterprises have left China to look for markets in Vietnam. Previously, Viet Nam had surpassed China to become the main producer of Nike shoes. Adjacent to China, Viet Nam has the largest industrial manufacturing system in Southeast Asia. The young population and low labor costs also increase its appeal to multinational companies.

Second, the electronics giant went to Vietnam. With the transfer of international electronics giants to Vietnam, Vietnam will become a new manufacturing center of the global electronics industry. Prior to this, South Korea's Samsung and Japan's Olympus also closed their factories in Shenzhen, China, and transferred their business to Vietnam, among which Samsung has invested billions of dollars. In addition, Nokia's mobile phone manufacturing business has also been transferred to Hanoi, the capital of Vietnam.

Third, Vietnam has unique advantages. Vietnam's low labor price is one of its major advantages. The average price of the labor force encountered is 1/3 or 1/4 in China. However, Vietnam does not have a relatively complete industrial chain system, which is unfavorable to Vietnam. But in contrast, India does not have a complete industrial chain system. Relatively speaking, the two countries are still very equal.

India and Vietnam are neck and neck in textile and manufacturing, but in my opinion, Vietnam still has more room for development. What do you think after reading the article? Welcome everyone to exchange and discuss in the comment area.