Viet Nam among top three buying geographies of U.S. enterprises

This barometer report, informed by internal QIMA data and the findings of a survey of 700 businesses with international supply chains, looks at the supply chain highlights of Q1 2021 and the emerging trends that may influence the global sourcing landscape in the months to come.

The article stated that Viet Nam saw its popularity among Western buyers grow by leaps and bounds over the past few years – a trend that has remained in effect so far in 2021.

The data shows a 16 percent  year-over-year (YOY) increase in demand for inspections and audits in Viet Nam in Q1 2021, which represents a third consecutive quarter of growth that had initially begun as a post-lockdown rebound in mid-2020.

It is worth noting that this growth is more than just a return to pre-pandemic levels, as Q1 2021 inspection demand has, on average, doubled compared to Q1 2019, the Material Handling & Logistics Magazine highlights.

Furthermore, the appetite for Viet Nam sourcing is far from satisfied and is poised to redefine the sourcing landscape in 2021: around one-third of buyers globally and 38 percent of U.S.-based buyers name it among countries from where they plan to buy more in 2021.

In Q1 2021, the U.S. was Viet Nam’s biggest importer as it splashed out US$21.2 billion on Vietnamese products, or 32.8 percent higher than the amount it spent in the same time last year.

By Thuy Dung