New efforts
Vietnamese Minister of Planning and Investment Bui Quang Vinh vowed to improve Vietnam's investment environment by improving the country's infrastructure, starting training programs and providing credit support and subsidies to foreign investors, Vietnam News Agency reported Saturday.
"Compared with other East Asia economies, Vietnam still has great market potential. Being in the China-ASEAN Free Trade Zone, Vietnam will implement zero tariffs in 2015. Trade and investment between the two countries is bound to rise by then," Li Zhenmin, first secretary at the Economic and Commercial Counsellor's Office of the Chinese Embassy in Vietnam, told the Global Times.
"The heyday of traditional manufacturing in China has long gone. Vietnam and other countries in East Asia will become the next world hub of traditional manufacturing. No investors can afford to miss the chance of benefiting from their rise," said Wang.
"China's position of being the world's factory has been gradually weakened with the rise of East Asian countries. The migration of traditional manufacturing industry from China to East Asian countries will continue to be a trend," said Zhao Yongsheng, a visiting scholar at the Chinese Academy of Social Sciences.
"But this is not necessarily a bad development as China is upgrading its industrial structure to focus on developing high technology," Zhao said.
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