03/19/2021, 12.36
VIETNAM – TAIWAN
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Since 1990 economic relations between Vietnam and Taiwan have grown ever closer

by Tran Hung

Foxconn Technology Group, which is furthering economic cooperation in Vietnam, has invested US$ 1.5 billion in the country. Since 1987, bilateral trade has grown 27 times. Taiwanese investment has increased 28 times. Taiwan has 2,476 ongoing projects in Vietnam for a total capital investment of US$ 29.4 billion.

Hanoi (AsiaNews) – Vietnam opened its doors to the development of a market economy in 1987, officially enacting the Foreign Investment Act. Since then, many countries have established economic relations with the Southeast Asian nation.

Among international investors, Taiwan has become one of the main sources of foreign capital in Vietnam. In 2015, the two countries held a forum on "Promoting Economic Cooperation" with the largest exchange between the two sides ever. More than 500 participants from Vietnam and Taiwan attended this economic conference in Taipei.

One of the main Taiwanese companies investing in Vietnam is Foxconn Technology Group which reported US$ 3 billion in revenues in 2019, US$ 6 billion in 2020, and is expected to reach US$ 10 billion in 2021.

By the end of last year, Foxconn had invested US$ 1.5 billion in Vietnam. Recently, on 10 March 2021, Taiwan News reported that the company, the world's leading electronics manufacturer, will invest another US$ 700 million in Vietnam this year.

The Group's latest plant is expected to create 10,000 jobs for Vietnamese workers in 2021. In addition, the company has a target of US$ 40 billion in revenue in Vietnam over three to five years (2021 to 2023-2025).

In early 2021, on Foxconn’s Vietnamese website, the company published a recruitment notice for electronic component assembly workers and factory engineers in Bắc Ninh and Bắc Giang provinces.

Workers assembling electronic components will start with a basic salary of 4,900,000 VND (about US$ 210) per month, plus allowances for meals and accommodation, if they do not use the dormitory. With other allowances, Foxconn workers could earn about 8 million Vietnamese dongs (about US$ 345) per month.

This month, Taiwan's Pegatron Group began making MacBooks in Vietnam. This is the first time the MacBooks have been made in Vietnam.

For more than three decades (since 1987), economic cooperation between Vietnam and Taiwan has developed nonstop with bilateral trade growing 27 times. Capital invested by Taiwanese companies rose 28 times.

Since 1990, trade relations between Vietnam and Taiwan have developed rapidly and strongly. This is evident in terms of volume. At present, Taiwan has 2,476 ongoing projects with total investment capital of US$ 29.4 billion in Vietnam.

In addition to bilateral economic relations, these two sides have worked on and developed many other aspects of trade, investment, culture, tourism . . .

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