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With the power of China increasing in the international market, Superpower America is getting tense. However, in between the tension between both these countries, Vietnam is the country which is getting the benefit. As per the recent reports, the global tech giant Apple is shifting its manufacturing to Vietnam.
Not only Apple, but there are also various other manufacturing companies for whom Vietnam is becoming a good spot. Let us consider the example of Samsung. This South Korean company is already manufacturing 50% of its products in Vietnam.
Apart from these two giant companies, there are other key players also who are taking a shift towards Vietnam. To name a few, Nintendo is planning to manufacture its Switch Console in the country.
According to the leading Supply Chain Firms, Vietnam is having a favourable climate for becoming a manufacturing hub. However, the country is having its own issues such as scarcity of skilled resources, increasing cost of land and lack of technology.
Although the circumstances are odd, Vietnam is emerging as good competition for China. Even countries like India are not much far behind in the competition. Recently, Foxconn one of the biggest manufacturers of Apple devices invested $200 Million for setting up a subsidiary in India.
The signals are clear that the fire of Chinese Dragon will go down by the time. It will depend on luck and opportunity that which country will gain the maximum benefit out of this situation. Possibilities are also there that we might have a new superpower in the upcoming decade!