Five Reason Why Cable & Wire Vietnam 2018
Vietnam's economic stability and rapid growth in 2013: Vietnam has become one of fastest economic growing countries in Asia; it is also one of the developing countries with steadiest economic growth in the world. Lots of infrastructure projects are to be launched in Vietnam such as housing, highways and power stations; a heat of private housing construction has also becoming popular.
The infrastructure in Vietnam is not quite completed, especially for lighting systems and cables. If you walking on the streets in Vietnam, you will found bunch of wires and lagging lighting systems are hung everywhere. Vietnam is becoming more concerned by the international for its tourism. Infrastructures facilities improvement and readjusting are urgent needed for its modernization.
The cables and lighting products from China have gained their superiorities not only in considerable price and quality, but also the geographical advantage. Vietnam currently has no unified market for lighting and cables industry. Investment for these types of products are scattered; processing for them is behindhand and also lack of product research and development capabilities. Generally speaking, the competitiveness for lighting and cable industry in Vietnam are weak and they still need to rely on importation to full fill their demand.
Vietnam Economic Times reported on November 19: According to the statistics from Vietnamese Ministry of Investment Foreign Investment Agency, by the end of October 2013, Vietnam has approved 1050 new projects which total registered capital over 13 billion dollars, an increased of 79% than the same term of 2012. Among them, 393 projects have increased the registered capital of investment of 6.16 billion dollars, raised 42.5% up than last term. From January to October in 2013, the foreign direct investment in Vietnam have increased registered capital of 19.2 billion dollars, gained 65.5% of increase than 2012. It has exceeded the original annual gold of absorbing foreign direct investment of 130-140 million dollars in 2013.
Most of foreign investors believe that Vietnam is still an attractive investment destination. Other than low expenses, rich labor resources and the potential for its rapid developing market in Vietnam, its stability of macro economy, progress on the administrative and banking system reform have also created a better business environment for investors.