Vietnam to grasp bigger business opportunities in Trump 2.0 administration: US media

The article on forbes.com (Screenshot photo)

Hanoi - Vietnam has opened its doors to major firms for decades and is expected to have even greater business opportunities under the Trump 2.0 administration, according to the US-based website forbes.com.

During his campaign, Donald Trump pledged to bring all industries back to the US. However, this is unlikely to happen, and if it does, it certainly won't be on a scale or at a speed Trump envisions. Instead, one plausible scenario is that Vietnam will emerge as the primary beneficiary of this policy.

If previously goods was made in China, now they are going to be made in Vietnam, Jason Miller, a professor of supply chain management at Michigan State University told Forbes. That production will not come back to the US, he continued.

Under the Trump 1.0 administration, major corporations like Apple, Foxconn, and Intel pivoted to Vietnam to diversify their manufacturing portfolios. The article held that Vietnam would still hold significant advantages when Trump was re-elected as president.

It cited Tran Ngoc Anh, a professor of public affairs at Indiana University, as saying that Vietnam should prioritise corporations that will bring other companies to the country.

If Apple is present in Vietnam, many suppliers will want to be near it —companies that will help Vietnam move to higher-tech industries, he noted, adding that instead of focusing on footwear and textiles, the country should aim for biotechnology, artificial intelligence (AI), and semiconductors./.