Shifting supply chains to Vietnam offers numerous advantages for foreign businesses. Below are some of the key benefits of undertaking this move:

1. Low Labor Costs: One of the most significant advantages of Vietnam is its low labor costs compared to many other countries. This helps reduce overall production costs and makes products and services more competitive globally.
2. Ideal Geographic Location: With its proximity to China and other Southeast Asian countries, Vietnam has become a crucial hub in the regional supply chain. Accessing large markets like China, India, and Southeast Asia becomes more accessible.
3. Accessible Trade Networks: Vietnam has signed various free trade agreements with different countries and regions, including the CPTPP and EVFTA. This creates favorable conditions for exporting products and tapping into vast market opportunities.
4. Infrastructure Development: Vietnam has made substantial investments in transportation infrastructure and seaports. This improves transportation and logistics, reducing both time and costs associated with the supply chain.
5. Diverse Supply Sources: Vietnam boasts diverse industries, ranging from electronics and textiles to agriculture and food production. This allows businesses to explore diverse and flexible supply sources for their products.
6. Political Stability and Improved Business Environment: The Vietnamese government has implemented numerous measures to enhance the business environment, including streamlining administrative procedures and creating favorable conditions for foreign investment.
7. Young and Skilled Workforce: Vietnam has a young and increasingly well-educated labor force. This provides an excellent pool of talent for finding and developing skilled workers for the supply chain.

These advantages have made Vietnam an attractive destination for shifting supply chains, garnering the interest of many international businesses. However, for success, businesses still need to consider collaborating with professional trade and investment advisory organizations such as WTP Group, which can help optimize market access and minimize risks in investment and cooperation activities in Vietnam.

To participate in the global supply chain, businesses need to enhance essential management capabilities. Today, supply chains have become more complex than ever before, and to compete and thrive in this environment, businesses need to understand and develop the following abilities:

1. Integrated Supply Chain Management: To engage in the global supply chain, businesses need to establish and manage an integrated supply chain system. This involves optimizing processes, interacting with partners, and ensuring the efficient movement of information and goods from suppliers to end customers.
2. Risk Management: The global business environment contains many uncertain and risky factors. Businesses need the ability to assess and manage risks related to the supply chain, including financial risks, weather conditions, market fluctuations, and logistics issues.
3. Partner Management Skills: For a global supply chain, partner management is crucial. Businesses must build and maintain strong relationships with suppliers, logistics providers, and other partners. This requires excellent communication skills, negotiation abilities, and the ability to work in a multicultural environment.
4. Utilization of Information Technology: Information technology plays a critical role in efficient supply chain management. Businesses need to use supply chain management software solutions, inventory management systems, and advanced technologies to monitor and optimize their operations.
5. Integration of Environmental and Social Responsibility: Nowadays, supply chain management also requires integrating environmental and social responsibility. Businesses need to consider factors such as sustainability, ethical business practices, and social responsibility when building and managing their supply chains.
6. Adaptability and Innovation: The Fourth Industrial Revolution and rapid market changes demand that businesses be flexible and ready to adapt. The ability to restructure and innovate continuously is essential to ensure that the supply chain reflects changing customer needs and evolving technologies.

Enhancing management capabilities not only helps businesses participate in the global supply chain but also helps them compete and thrive in an increasingly complex and rapidly changing business environment.

In current trends, Vietnamese businesses often choose to collaborate with consulting firms like WTP Group to maximize the experience of an ecosystem of more than 20 specialized companies in supporting businesses to join the global supply chain. This collaboration helps businesses establish the right strategic direction, execute effectively, and save costs.

• Exact quantity as requested. 
• Product type exactly as desired. 
• Excellent quality that is unbeatable. 
• On-time. 
• Extremely reasonable purchase cost.