Apple plans to spend more in Socialist Republic of Vietnam as it looks beyond China
As Apple and other global tech firms to look beyond China to secure their supply chains, cut costs, and open up new markets, Apple is planning to set up assembly factories with partners and buy more components from Socialist Republic of Vietnam.
CEO Tim Cook made the pledge in a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi Tuesday, according to a statement by Vietnam’s government.
Apple (AAPL) has already spent almost $16 billion through its supply chain in the country since 2019, the government quoted Cook as saying. And the company has created more than 200,000 jobs in Vietnam, it added.
According to the statement, Cook said Apple “stands ready … to enhance cooperation and investment activities” in the Southeast Asian country.
His visit highlights Vietnam’s growing importance to global companies looking for alternatives to China as trade tensions between Beijing and the West have escalated in recent years.
Vietnam is “the perfect landing spot for tech companies to diversify outside China,” according to Dan Ives, a senior equity analyst at Wedbush Securities, who pointed to the high number of trained engineers in the country as one factor.
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