The groundbreaking ceremony of LEGO Group's 1.3 billion USD project in Binh Duong. Photo: Chi Tuong/VNA

It said “Ever since the US embargo was lifted in 1994, Vietnam has developed a particular focus on the pharmaceutical, fast-moving consumer goods (FMCG) and automotive industries.”

Vietnamese government has made a concerted effort to attract investment through a variety of incentives. Vietnam is already well-connected internationally – within ASEAN, it ranks behind only Indonesia and Singapore in terms of international trade relationships. One of the most promising recent developments has been its strategic partnership with South Korea, which has already brought in nearly 18 billion USD in investment from Samsung alone.

Vietnam is looking to shift away from heavy industry and becoming more selective in the sectors it promotes for foreign investment. 

International companies, prompted by government regulation and industry-wide ESG (Environmental, Social, and Governance) commitments, are increasingly applying sustainability standards across borders through their supply chains. Vietnam is raising its own ESG standards accordingly to maintain their valuable trade relationships, the article said.