31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / Opportunities
US and EU buyers to choose Vietnam as sourcing destination in 2021
Phi Nhat 22:12, 2021/05/11
Global supply chains will turn to Vietnam, India and Turkey for more diverse sourcing.

US and other global buyers continue to choose Vietnam as one of the leading sourcing countries this year as they are seeking to diversify their buying away from China. 

 Ha Tien city in the southern province of Kien Giang. Photo: baoxaydung

The latest report, conducted by Qima, a provider of supply chain compliance solutions, showed that roughly a third of global buyers and 38% of US-based buyers named Vietnam as a place they intend to increase sourcing from 2021.

A traditional first choice for buyers diversifying away from China, Vietnam saw its popularity among Western buyers grow by leaps and bounds over the past few years - a trend that has remained in effect so far in 2021. 

The data showed a 16% year-over-year increase in demand for inspections and audits in Vietnam in the first quarter (Q1). It was a third consecutive quarter of growth that had initially begun as a post-lockdown rebound in mid-2020. 

The growth was more than just a return to pre-pandemic levels, as the Q1 inspection demand has doubled compared to Q1 2019, according to the report.

The inspection surge in Vietnam is in line with the findings of the QIMA global sourcing survey, where 43% of US-based respondents cited Vietnam among their top three buying geographies as of early 2021, doubled from 2019. 

Vietnam is not the only country in the region to benefit from expanded business volumes. Qima data on inspection and audits demand in Southeast Asia showed double-digit growth across the board, fueled by the renewed interest from American and European brands alike.

The report was conducted on more than 700 businesses with international supply chains.

RELATED NEWS
TAG: sourcing destination US EU supply chain
Other news
06:06, 2022/06/28
Business matchmaking: Great opportunity for Singapore investors to enter Vietnam
Being the second largest investor in Vietnam, Singapore is well-positioned to do business with the country in the electronics sector.
15:00, 2022/00/22
Noi Bai International Airport set for major upgrade
The construction of the runway and passenger terminal should start in the 2024-2025 period.
16:45, 2022/45/05
Hanoi steps up FDI attraction from major markets
Despite the challenging global economic environment, Hanoi has been creative in promoting investment facilitation programs and accompanying businesses in their recovery efforts from severe Covid-19 impacts.
21:32, 2022/32/27
Vietnam lays groundwork to build Asia’s next startup unicorns: ADB
The Vietnamese Government recognizes that tech startups are the new engines of growth for the country.
17:49, 2022/49/27
Vietnam strives to be a leading ASEAN investment hub: President
Vietnam was listed among the top 20 foreign direct investment (FDI) recipients in 2021.
17:04, 2022/04/29
FDI commitments to Vietnam reach over US$14 billion in H1 2022
Vietnam remains a favorite destination for foreign firms seeking to shield from a combination of geopolitical tensions, rising operational costs thanks to the country’s strong economic performance in recent years.