HO CHI MINH CITY, Vietnam, July 23, 2019 /PRNewswire/ -- According to Vietnamese Foreign Investment Agency, Singapore has consistently been among Vietnam top 4 largest FDI source, with the capital of accumulative USD 49.1 billion poured by the first half of 2019. As a result, a rising demand for ready-built factories and warehouses from these customer group is observed, stated by BW Industrial Development JSC, the leading industrial for-rent in Vienam
Douglas Foo, President of Singapore Manufacturing Federation, shares that Vietnam is emerging as an ideal manufacturing base in Asia. "There are opportunities for Singapore businesses, first to capitalise on Vietnam's competitive advantage as a manufacturing location, and second, to offer supporting services like automation and logistics services to multinational corporations which are establishing manufacturing operations in Vietnam," Foo said.
Recently, a, Singaporean component fabrication manufacturer, Foxconn supplier, has established a new production site in BW Industrial Development JSC. property at VSIP Bac Ninh. The electronic queen bee have just announced its expansion of a USD 40 million factory in Vietnam. Foxconn also shared in July 2019 that 25 percent of its total capacity has been moved to more economical locations and the company is ready to move more production if necessary, worried about international trade tensions.
With Vietnam emerging as a manufacturing hub and a low-cost alternative, Singapore companies can establish manufacturing operations in this country, particularly in the consumer electronics, apparel, and food manufacturing sectors. As a result, the Vietnamese industrial property market, which covers ready-built factories, warehouses, and logistics areas and industrial land is enjoying a number of signs of strong growth.
"The blooming trend of shifting manufacturing to Vietnam is bringing many opportunities for industrial real estate developers like us. We have acquired over 230 hectares of projects over the country in 2018 and will expand by another 170 hectares in 2019 to meet the rising call from our customers," said Michael Chan, Head of Sales and Marketing of BW Industrial Development JSC. (BW). The developer's top target is to build up state-of-the art industrial and logistics real estate infrastructure that is best suited to the ever-growing demand from multinationals, logistics providers, and e- commerce businesses.
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