Counsel at Luther. | Country Head Vietnam | Vice-Chair of the EuroCham Legal Sector Committee (Vietnam)
🎯🇻🇳 Cog in the wheel 🛞✅ ⚙️ Essentra Components, a powerhouse in the global industrial components sector, has recently announced plans to strengthen its position in the Vietnam's market. 📰 Essentra Components is a UK-backed manufacturer and distributor of industrial components. On October 11 revealed its intentions to deepen its foothold in Vietnam's market. 🔀 This move is seen as part of a broader trend of global supply chain shifts, where major conglomerates worldwide are selecting Vietnam as a pivotal point for investment and manufacturing. Currently, the company partners with more than 82,000 clients globally. 🌍📌 According to the firm, Vietnam's geographical advantage and its possession of 17 free trade agreements (FTAs) with countries in Europe and the Americas have positioned it as a strategic destination within the global supply chain, especially in the industrial components manufacturing sector. The scale of this sector in Vietnam is forecasted to rise by 6.6 per cent in 2023. 🏭 Leading conglomerates such as Apple and the LEGO Group have already begun constructing their primary manufacturing facilities in Vietnam, investing values that reach into the billions of USD. ⏩ Following suit, Essentra Components is also navigating its strategies to penetrate this promising market even more profoundly. 💡It's worth noting that Essentra Components isn't entirely new to the Vietnamese landscape. In reality, they marked their presence as early as 2022, pinpointing Vietnam as a strategic destination in their supply chain. 💬 Elucidating this strategic move, Scott Fawcett, CEO of Essentra Components said, “Increasingly, manufacturers are investing in new markets with the hope of diversifying their supply sources and reducing reliance on a singular market." https://lnkd.in/gdDY-U2G
