US firms interested in Vietnamese supply chain

Sunday, May 09, 2021 13:19

Cargo being handled at Cat Lai Port in HCM City’s District 2. Viet Nam saw its popularity among Western buyers grow by leaps and bounds over the past few years. — VNA/VNS Photo

A new report has found 43 per cent of US-based respondent companies cited Viet Nam among their top three buying geographies as of early 2021, doubled from 2019, according to the Q1 2021 report from QIMA, a US provider of supply chain compliance solutions.

The report surveyed more than 700 businesses with international supply chains.

The data shows a 16 per cent year-on-year increase in demand for inspections and audits in Viet Nam in the first quarter of this year, which represents a third consecutive quarter of growth that had initially begun as a post-lockdown rebound in mid-2020, the article cited a report from QIMA, a provider of supply chain compliance solutions.

This growth is more than just a return to pre-pandemic levels, as Q1 2021 inspection demand has, on average, doubled compared to Q1 2019.

The appetite for Viet Nam sourcing is far from satisfied and is poised to redefine the sourcing landscape in 2021: around a third of buyers globally and 38 percent of US-based buyers name it among countries from where they plan to buy more in 2021.

The website says Viet Nam was not the only country in the region to benefit from expanded business volumes, as data on inspection and audits demand in Southeast Asia show double-digit growth across the board, fueled by the renewed interest from American and European brands alike. — VNS

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