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What No COVID-Zero in China Could Mean for Vietnam?

  • The Chinese government has announced it is relaxing COVID-19 protocols, potentially signaling a return to business as usual and the reopening of its economy

  • Vietnam took similar measures to China in the early stages of the pandemic, but also implemented an aggressive vaccination campaign and reopened its borders a year ago

  • The differing policies have had implications on both countries, and when China reopens it could impact a range of sectors in Vietnam

  • Vietnam has registered a record $25 billion in foreign direct investment in the first 11 months of 2022, partially due to changing attitudes towards China among foreign firms and the impact of COVID-19 lockdowns in the country

  • Multinational firms, including Foxconn and Xiaomi, have moved at least part of their operations from China to Vietnam in recent years

  • Vietnam's manufacturing industry is dependent on China for imports of parts and raw materials, and the country is Vietnam's biggest source of imports

  • If COVID-zero policies in China are dismantled, it could lead to smoother supply chains and potentially decrease the diversification strategies of multinational firms moving production out of China

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