‘Perfect landing spot.' Apple plans to spend more in Vietnam as it looks beyond China [Yahoo! Finance]
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Source: Yahoo! Finance
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 has been a “major beneficiary” of moves by multinational companies to diversify their manufacturing hubs — a strategy known as “China plus one” — says Thuy Anh Nguyen, a strategist at Dragon Capital, a local fund management firm that invests solely in Vietnamese companies. Nguyen, w
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