Whereas Singapore began opening up to the rest of the world since last year, Hongkong is widely seen as the third-most-important city for global finance and business, after New York and London, and ahead of Shanghai and Singapore. Vin-Fast, a Vietnamese Automaker, has set up its global headquarters in Singapore within recent years, Chinese tech firms (e.g., Alibaba, TikTok, Tencent) have done so, too.
Shanghai had attracted Western companies before the pandemic. For example, Coca-Cola, Amundi and BlackRock have scaled up their onshore presence. In a recent survey by ACC (American Chamber of Commerce) in Shanghai, 1 of 133 firms intend to increase investment in China. The more Hong Kong comes under China´s thumb, the more attractive becomes being based on the mainland.
China may be more draconian in its approach to governance and Covid-19, but it is home to vast numbers of suppliers and customers. If you want to be in China, it will be increasingly important to be onshore and close to your clients and companies. Firms seeking to do business in Asia, more broadly may choose Singapore as finance center. And those wanting to do business in China may expand their presence onshore instead.
With fewer roles for expats but increasing needs for Interim managers to solve urgent issues and restructuring companies for long term profit growth.
But if you want to supply the world with your products, you don't need to produce in China, with increasing costs of staff, energy, land and an increasing influence of governmental bureaus. So, it will get more and more difficult to run a profitable business in China.
Going to Vietnam is a very good alternative to run business with good profit-margins in Asia. There are more and more suppliers coming to Vietnam mainly looking to supply Chinese clients. If you may ask about COVID vaccination: It is not compulsory in Vietnam. Indeed, thanks to social pressure mostly everybody is vaccinated.
These 45 pages will demonstrate to you why Vietnam is attractive, which risks you will face and and which opportunities may arise for you.
Karlheinz Zuerl
GTEC German Technology & Engineering Cooperation
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