瑞信-亚太地区-科技行业-越南与科技供应链：越南会是下一个主要的科技中心吗？-2019.3.21-54页.pdfVIP免费

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.21March2019AsiaPacific/VietnamEquityResearchMultiIndustryVietnamandthetechsupplychainTHEMETheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverincisivecross-sectorandcross-borderthematicinsightsforourclients.ResearchAnalystsFarhanRizvi,CFA6562123036farhan.rizvi@credit-suisse.comKimNguyen6562128863kim.nguyen@credit-suisse.comKeonHan82237073740keon.han@credit-suisse.comThompsonWu886227156386thompson.wu@credit-suisse.comKynaWong85221016950kyna.wong@credit-suisse.comIsVietnamthenextmajortechhub?Figure1:KeytakeawaysfromtheCStechcompanysurveysCountryKeysurveyconclusionsImplicationsforVietnamKoreaVietnam’skeyattractionsarecheaplabour,taxincentives&gov't.supportCorporateswillcontinuetoexpandcapacityKoreatocontinuetoleadFDIflowsSamsungandLGremaincommittedtofutureinvestmentsTaiwanNoplanstoshiftChinacapacityChinastilloffersmostmaturesupplychainManufacturersexploringnewdestinationsbutVietnamfacesstrongregionalcompetitionOnly5-10%ofcapexallocationoutsideGreaterChinaover2019-21PotentialincrementaltechFDItoVietnamof~US$400-600mnChinaLabour-intensivesimple-assemblyproductsmoresuitableforVietnamMorecompaniesconductingfeasibilityforsettingupassemblylines15-20%ofcapexlikelytobeallocatedoverseasoverthenext3yearsPotentialincrementalFDItoVietnamofUS$1.5-1.8bnSource:Companydata,CreditSuisseestimatesTheriseinlabourcostsinChinaandneedforanalternativemanufacturingbasehasledtotheemergenceofVietnamasapotentialtechmanufacturinghub.Inthisreport,CSVietnamresearchandtheAsiatechnologyteamcometogethertoexplorethe...