Vietnam's manufacturing industry is developing very rapidly, especially the processing industry driven by foreign investment.
However, compared with China's manufacturing industry, Vietnam's manufacturing industry is still very weak, and the two cannot be compared together.
In fact, no country in the world can compare with China in terms of manufacturing.
1. Scale:
China's GDP reaches 18 trillion US dollars, of which industrial GDP accounts for 33%.
Vietnam’s GDP reaches US$0.4 trillion, of which industrial GDP accounts for 25%
This means that Vietnam’s manufacturing (industry) scale is only 1.6% of China’s
In 2023, China's manufacturing (industry) is expected to grow by 4.3%, which means that the increase in China's manufacturing industry this year will be US$0.25 trillion, equivalent to 2.5 times that of Vietnam's manufacturing industry. All is industrial GDP.
No matter from which dimension, the scale of Vietnam's manufacturing industry is not of the same order of magnitude as China's, and there is no comparability at all. The difference between them is like the difference between an ant and an elephant.
2. Area
China's industry is very comprehensive. Not only do they process and assemble, they also manufacture key components. They also have unparalleled heavy industries such as petrochemical and mechanical industries, automobiles, shipbuilding and aerospace manufacturing.
Most of Vietnam's manufacturing industry is still in the product processing and assembly areas, as these areas rely on large amounts of manpower. Human resources in Vietnam are relatively cheap. This is why Vietnam attracts a lot of external investment.
Human beings are made in hierarchies. There are products with short industrial chains, such as clothing, and there are also products with long industrial chains, such as cars and mobile phones.
If you don't quite understand, I provide two pictures to illustrate this point.
China is the only country in the world that has all human industrial types announced by the United Nations.
3. Technology
Vietnam's manufacturing industry basically remains at a low-tech level. Vietnam already has a large number of workers but lacks senior engineers, researchers and experts.
Vietnam's manufacturing industry relies almost entirely on foreign technology, with foreign companies developing technology, manufacturing and assembly in Vietnam. This is very similar to China 30 years ago. At that time, China was also full of processing plants of foreign companies, but they did not have much of their own technology.
But in China today, manufacturing technology has reached the world's top level. But their technical areas are very complete. They compete with the United States in semiconductors, South Korea in display panels and fine chemicals, Germany in machinery manufacturing, and Japan in automobile manufacturing. They have all the technological fields that the world's top industrial countries have. Although in some areas, it has not yet reached its peak.
4. Talent
China has 4.7 million STEM graduates every year, most of whom will enter the manufacturing industry. By comparison, there are only 560,000 in the United States and 13,000 in Vietnam.
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