High-tech companies once regarded Viet Nam as a hot land, but the reality is that these statements have not been implemented in the end, on the contrary, these high-tech companies are abandoning Viet Nam, resulting in a significant decline in Viet Nam's export growth, but fortunately, the garment industry and the assembly industry have helped Viet Nam's export growth decline is not so large, but the trade surplus is still declining.
I don't know whether it is the deliberate propaganda of the Western media, or whether the companies of Europe, the United States, Japan and South Korea really intend to turn their high-tech business to Viet Nam, after United States Intel and Korea LG Chem have claimed to invest in Viet Nam and build Viet Nam into their important base, but now they have not turned these plans into reality.
Intel has said that it will invest $3.3 billion in Viet Nam to build a chip manufacturing plant, because Intel has previously built its largest overseas chip packaging and testing plant in Viet Nam, and it is generally believed that Intel really plans to do so, but now Intel has placed the project in Poland, and the pie is ultimately the pie.
Korea company LG Chem has also claimed to invest billions of dollars to build a battery factory, but it has recently confirmed that LG Chem's battery project has started in Indonesia, and the construction of a factory in Viet Nam has finally come to naught.
In addition to these companies, Samsung, which has built a factory in Viet Nam, is also reducing production capacity in Viet Nam, Samsung has planned to increase the production capacity of Viet Nam's mobile phone factory to 100 million units, becoming Samsung's largest mobile phone factory outside Korea, but in 2023, Samsung will package more than 40 million mobile phones to local foundries in China, and it is expected that orders for Chinese foundries will increase to 67 million units this year, Samsung is also building a mobile phone factory in India, and it is a foregone conclusion that Viet Nam factories will reduce production capacity.
However, Foxconn and other Taiwan manufacturers in the mobile phone manufacturing industry still seem to be increasing Viet Nam's production capacity, promoting Viet Nam's mobile phone exports to increase by 30%, which has become the fastest growing commodity in Viet Nam's export bulk goods, and even Viet Nam claims that it has become the world's second largest mobile phone exporter, and India also claims to be the world's second largest mobile phone exporter, I don't know who is true.
In addition to the assembly industry, the apparel industry is another major growth industry in Viet Nam, and Gao Youxiao, general manager of Viet Nam Textile and Garment Group (Vinatex), said that orders have indeed increased this year, but he believes that this is not due to the increase in global demand for clothing, but orders transferred from other countries.
Gao Youxiao believes that due to the influence of exchange rates and other factors, the competitiveness of Viet Nam's garment industry has improved, so some European and American customers have transferred orders from other countries to Viet Nam, which has led to the growth of Viet Nam's garment industry, and he said that there are currently sufficient orders, and these orders need to be produced until at least October.
Although Viet Nam's news shows that labor-intensive industries such as garment industry and assembly industry have driven exports, this has not prevented Viet Nam's export growth slowdown, Viet Nam's export growth in the first half of the year was 14.5%, while the export growth rate in the second quarter was 12.%, and the export growth rate in June was only 10.%, which means that Viet Nam's export growth slowed down month by month, and the slowdown in export growth led to a significant decline in Viet Nam's trade surplus. In the first half of this year, it achieved a trade surplus of US$11.63 billion, down 13.5% from US$13.44 billion in the same period last year.
Although Foxconn and others have provided support for Viet Nam's mobile phone assembly business, due to the lack of manpower, energy and other resources in Viet Nam, Viet Nam requires Foxconn and others to reduce electricity consumption by 30%, which makes Foxconn and others quite dissatisfied, especially in the summer power demand peak every year, last year Foxconn was also forced to stop work during the day for more than 20 days, Viet Nam's assembly industry may be damaged.