Moving the supply chain to Vietnam has many attractive advantages for foreign businesses. Here are some of the important advantages of doing this: Low labor costs: One of Vietnam's most important advantages is its low labor costs compared to many other countries. This helps reduce overall production costs and makes products and services more competitive in international markets. Ideal geographical location: With its proximity to China and other East Asian countries, Vietnam has become an important center in the regional supply chain. Access to large markets such as China, India and Southeast Asia becomes easier. Free trade network: Vietnam has signed many free trade agreements with different countries and regions, including CPTPP and EVFTA. This facilitates product exports and creates broad market opportunities. Infrastructure development: Vietnam has invested heavily in transportation and seaport infrastructure. This helps improve transportation and logistics, reducing time and costs associated with the supply chain. Diversity in supply sources: Vietnam has a large diversity of industries, from electronics manufacturing, textiles, to agriculture and food. This allows businesses to find diverse and flexible sourcing for their products. Political stability and improved business environment: The Vietnamese government has taken many measures to improve the business environment, including simplifying administrative procedures and creating favorable conditions for foreign investment. outside. Young and qualified workforce: Vietnam has a young population and increasingly qualified trained human resources. This creates good conditions for finding and developing skilled employees for the supply chain. These advantages have made Vietnam an attractive destination for supply chain migration and attracted the attention of many international businesses. However, to be successful, businesses still need to consider cooperating with professional Trade and Investment Consulting organizations such as WTP Group to help optimize market access and minimize operational risks. investment and cooperation 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:

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.

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.

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.

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.

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.

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.