At Source Studio we are often asked why we chose #Vietnam as our #manufacturing base.
Here the #Business of #Fashion lays down some of the reasons we chose to focus on Vietnam for our fashion production:
Like South Korea, Taiwan and China before it, Vietnam is piecing together the right mix of ingredients for rapid, sustained growth.
Vietnam’s workforce is not just young but skilled. In global rankings, 15-year- olds in Vietnam beat those in America and Britain in maths and science. That pays dividends in its factories. At Saitex, a high-end denim manufacturer, workers must handle complex machinery—from lasers to nano-bubble washers—all to produce the worn jeans so popular in the West.
Vietnam is reaping benefits from trade deals. It is set to be the biggest beneficiary of the Trans-Pacific Partnership and a free-trade pact with the EU is in the works for 2017.
Vietnam already has a strong, often underappreciated, record. Since 1990 its growth has averaged nearly 6% a year per person, second only to China.
A relatively young population adds to Vietnam’s appeal. Whereas China’s median age is 36, Vietnam’s is 30.7.
Investors have also taken heart from the stability of Vietnam’s long-term planning.
Like China, it has used five-year plans as rough blueprints for development.