‘Perfect landing spot.’ Apple plans to spend more in Vietnam as it looks beyond China

CNN Business04-18

London CNN — Apple is planning to buy more components from Vietnam, underscoring a trend among global tech firms to look beyond China to secure their supply chains, cut ...

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And the company has created more than 200,000 jobs in Vietnam, it added.Vietnam has been a “major beneficiary” of moves by multinational companies to diversify their manufacturing hubs — a strategy known as “China plus one” — says ThuyAnh Nguyen, a strategist at Dragon Capital, a local fund management firm that invests solely in Vietnamese companies.Nguyen, whose firm manages $6 billion in assets, told CNN that labor costs in Vietnam’s manufacturing sector are about half those in neighboring China.“We’re not just talki","collect":0,"end_time":0,"defaultTopTitle":"cnn.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4554":"元宇宙及AR概念","BK4553":"喜马拉雅资本持仓","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4534":"瑞士信贷持仓","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0823414478.USD":"法巴经典能源转换基金","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4535":"淡马锡持仓","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","TSLA":"特斯拉","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","INTC":"英特尔","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","AAPL":"苹果","BK4512":"苹果概念","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0823411888.USD":"法巴消费创新基金 Cap","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4511":"特斯拉概念","BK4548":"巴美列捷福持仓","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4532":"文艺复兴科技持仓"},"translate_title":"苹果计划将目光投向中国以外地区，增加在越投资","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":1,"AAPL":1,"INTC":1},"content_text":"London\nCNN\n         — \n    \n\n\n            Apple is planning to buy more components from Vietnam, underscoring a trend among global tech firms to look beyond China to secure their supply chains, cut costs and open up new markets.\n    \n\n            CEO Tim Cook made the pledge in a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi Tuesday, according to a statement by Vietnam’s government.\n    \n\n            Apple (AAPL) has already spent almost $16 billion through its supply chain in the country since 2019, the government quoted Cook as saying. And the company has created more than 200,000 jobs in Vietnam, it added.\n    \n\n            According to the statement, Cook said Apple “stands ready … to enhance cooperation and investment activities” in the Southeast Asian country.\n    \n\n\n\n\n\n\n\n\nUS President Joe Biden holds a press conference in Hanoi on September 10, 2023, on the first day of a visit in Vietnam. Biden travels to Vietnam to deepen cooperation between the two nations, in the face of China's growing ambitions in the region. \n\nSaul Loeb/AFP/Getty Images\n\n\n\n\nRelated article\nHow booming Vietnam offers the US an alternative to China\n\n\n\n            His visit highlights Vietnam’s growing importance to global companies looking for alternatives to China as trade tensions between Beijing and the West have escalated in recent years.\n    \n\n            Vietnam has been a “major beneficiary” of moves by multinational companies to diversify their manufacturing hubs — a strategy known as “China plus one” — says Thuy Anh Nguyen, a strategist at Dragon Capital, a local fund management firm that invests solely in Vietnamese companies.\n    \n\n            Nguyen, whose firm manages $6 billion in assets, told CNN that labor costs in Vietnam’s manufacturing sector are about half those in neighboring China.\n    \n\n            That has helped Vietnam go from producing mostly “low-value products” like textiles to more tech products like iPhones and iPads, she said. “Those are higher-value items. That’s how we move up the value chain.”\n    \n\n            Vietnam pulled in more than $4.29 billion in foreign direct investment during the first two months of the year, up almost 39% from the same period in 2023, according to the country’s Ministry of Planning and Investment. Most of the new investment went into the processing and manufacturing sector.\n    \n\n    A ‘perfect landing spot’\n\n\n            In recent years, fast-growing Asian economies like Vietnam and India have emerged as alternative locations for manufacturers as ties between Beijing and the West have frayed.\n    \n\n            Vietnam is “the perfect landing spot for tech companies to diversify outside China,” according to Dan Ives, a senior equity analyst at Wedbush Securities, who pointed to the high number of trained engineers in the country as one factor.\n\n\n            “We’re not just talking about (manufacturing of) low-cost electronics,” he told CNN. “We’re talking higher up the value chain… That was not even on the radar (of foreign companies) two years ago.”\n    \n\n            Once enemies in war, the United States and Vietnam have grown increasingly close — the value of US imports of Vietnamese goods soared more than 360% in the decade to end-2023 to top $144 billion, according to US government data.\n    \n\n            In September, the two countries formally upgraded their diplomatic ties to a “comprehensive strategic partnership,” a symbolic yet highly important move that positions Vietnam as a destination for more US investment, including for critical technologies like semiconductor chips.\n    \n\n\n\n\n\n\nApple CEO Tim Cook at a visit to a school in Hanoi on April 16, 2024.\n\nTuan Hung/VNExpress/AP\n\n\n\n            Intel (INTC) has also taken note of Vietnam’s rise. In 2021, the company committed $1.5 billion to a sprawling campus just outside Ho Chi Minh City, which it says will be its largest single assembly and test facility in the world.\n    \n\n            At the same time, relations between the United States and China have deteriorated. A trade war between the two countries, which began in 2018 when Washington slapped tariffs on many Chinese imports, ratcheted up last year as both sides introduced tit-for-tat chipmaking export controls.\n    \n\n            During the pandemic, meanwhile, China’s strict zero-Covid policy scrambled global supply chains, demonstrating the risks of concentrating production in a single location.\n    \n\n            Notably, the world’s biggest iPhone factory, located in central China and owned by Taiwanese manufacturing firm Foxconn, was forced to temporarily shut down in 2022 after workers revolted over fears of the spread of coronavirus.\n    \n\n    Consumer market\n\n\n            Vietnam has another advantage, says Nguyen: A booming, educated, and youthful population. That’s a big draw for foreign tech companies looking to hire workers for their factories, and find consumers for their products.\n    \n\n            “Vietnam has a population of 100 million people. If it was in Europe, it would be the biggest country,” she said, also noting that smartphone adoption in Vietnam was rapidly increasing.\n    \n\n            The International Monetary Fund expects Vietnam’s economy to growth 5.8% this year, much faster than the predicted global average of 3.2%. For 2025, the fund forecasts growth of 6.5% in Vietnam. That’s not far off India’s pace of expansion.\n    \n\n            Still, Vietnam represents a far smaller market than India, which has also been wooing large foreign companies, including Tesla (TSLA), to set up factories in the country.\n    \n\n            For now, Vietnam’s attractiveness to foreign firms is “more around supply than demand,” says Ives at Wedbush Securities, while, for India, it encompasses both.\n    \n\nJuliana Liu contributed reporting.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428516032"}