If you wan to move to Vietnam, let us know here: tinyurl.com/duongbussinessconsulting and while we are at it, if you are wondering about the difference between minimum wage in Vietnam and manufacturing labor costs, manufacturing labor costs refer to the expenses incurred by a manufacturing company to pay its employees for their work in producing goods. These costs can include not only wages or salaries, but also benefits, such as health insurance and retirement contributions, as well as expenses for training, safety equipment, and other related costs. Minimum wage, on the other hand, is the legal minimum hourly rate that an employer must pay to their employees. The main difference between manufacturing labor costs and minimum wage is that manufacturing labor costs include all expenses related to employing workers in the manufacturing process, whereas minimum wage is only the minimum hourly rate that must be paid to workers by law.
If wages for factory workers are lower in Vietnam than they are in China then why are there over a million Chinese nationals working at factories in Vietnam?
We can answer your question, although the number shared is excessive and do not reflect any official statistical data. One reason is that Vietnam's labor force is growing rapidly, and there is a high demand for workers in many industries, including manufacturing. This demand may be attracting Chinese workers who are seeking employment opportunities, as factories are closing there. Additionally, the cost of living in Vietnam is lower than in China, allowing Chinese workers to maintain a decent standard of living despite lower wages. Also another reason is that Chinese companies are expanding their operations to Vietnam to take advantage of lower labor costs while still being close to their home market. Not to mention relocation for training purposes. Lower wages in Vietnam is not a hypothetical occurrence, it is a fact.
@@duongglobalbusinessconsulting Do you find it a bit ironic that workers in the country with the world's 2nd largest economy are fleeing south to find jobs in Vietnam, which is considered to be a developing economy? I can assure you that workers in America aren't running south to Mexico in search of better opportunities. Do you think China's economy is overrated?
When Mexico will double its GPD in a 10-year timeframe, house some of the largest manufacturers such as Intel, LG, Samsung, Apple, Nike, and many more, perhaps there would be a similar trend. Having said that, we do not think the comparison is valid. First, the US is no longer a manufacturing country. Second, while first-tier cities in China are considered as developed areas, the rest of the country where blue collar workers come from is at best in the developing stage, that is not to say under developed. As a result, it is a main factor for economic migration. Third, China’s demographic is vastly different, over four times the population. Thus, we do not see the irony but hope to have answered all your questions.
There’s a million and one answers to your question, that’s solely due to the fact, your question is phrased in twentieth century thinking. Take a look around you, there’s “change” everywhere. Perhaps the Chinese are not in Vietnam because of the wages being paid.
Vietnam is a Stunning Country we've been 4 times since 2017 and even spent our Honeymoon there. I would love to retire there or Thailand where my wife is from. Unfortunately I don't have a business to bring there. Great information though. BE well.
Great video. Hopefully someone could tell me the facts 🤞🏾. I would really love to move from America to Vietnam and from all I am researching the visa etc forms and it’s strict. One of the issues is I have to be HEATHY…. Will that deny me being able to live there? I had a stroke 6 years ago. I have many medications and I don’t work. I live on my social security and disability after my stroke, will that deny me?
Dude. The us China trade war doesn’t help Vietnam. Samsung and even huawei have been moving a small fraction of their factories to Vietnam because of slightly lower labor costs. The trade war isn’t going to benefit Vietnam very much. In fact it might even hurt Vietnam as nafta is the main beneficiary of this. China is opening dozens of new factories in Mexico each year because of proximity to the us and the cheaper and lower tariffs. Without the us China trade war then US wouldn’t have to invest in Mexico or their own countries. A strong economy of China has had a positive spillover effect for Vietnam because of proximity. Samsung is investing 250 billion usd in the us and Mexico factories. Not Vietnam. Taiwan’s semiconductor company is investing 150 billion in factories in Arizona and Texas and Mexico. Not Vietnam. I think Vietnam would be a lot better off without a us China trade war.
Ken, good Vid. I have built a house in VN and have some bank deposits there. Is it possible to set up trusts like we have in America? how do I make sure my assets pass on to family in Vietnam?
Vietnamese working hard, cheap Labor, less concern sueing company, tropical weather utilities comfort Vietnamese workers don't Care. Export or import by air or ship easily. We're regreg All companies around the world make it happen to gain yours profit.
Thanks for watching our law firm's channel. Please watch the following video, as we explained how to buy real estate in Vietnam: ua-cam.com/video/DFK28StfuCE/v-deo.html
Our law firm is specialized in factory relocation and providing work force resources, among other services. Please allow us to be the experts. Of course, you are more welcome to share your opinions in the comment section and even contradict our lawyers as long as your claims are backed up by reliable sources and authoritative professional experience. Not to mention that even though it is not the cheapest labor cost (which was not our main point), Vietnam is not an under-developed country either. Thus, from a business standpoint that also takes into account productivity and other factors, labor cost is affordable.
@@duongglobalbusinessconsulting : Mínimum wage in Mexico is about $4.5 usd per day (yes, per day, not per hour). However, the Average wage per month in Mexico is about 300 USD.
We are sorry you did not understand our video. We are talking about manufacturing labor cost here from a business standpoint, as the topic of this video is about factory relocation, not minimum wage. To end the discussion, please find the following link as a corroborative source that shows all the manufacturing labor cost per hour and country: www.statista.com/statistics/744071/manufacturing-labor-costs-per-hour-china-vietnam-wmexico/#:~:text=Premium%20statistics-,Manufacturing%20labor%20costs%20per%20hour,%2C%20Vietnam%2C%20Mexico%202016%2D2020&text=In%202018%2C%20manufacturing%20labor%20costs,2.73%20U.S.%20dollars%20in%20Vietnam. As mentioned, please kindly be cognizant of our 14 years of experience in the matter. Hope it helps. Thank you
@@duongglobalbusinessconsulting As a very experienced research analyst who is very well versed in trade matters and Vietnam economics, I can tell you that Statista is not a credible source for research professionals. Also, the commenter who said that $2.99/hr is too high and is not a correct quote, he is correct. I'm not sure where you came up with that figure but it's definitely not correct as it is way too high.
Vietnam currently lacks adequate infrastructure for manufacturing, and has not even formulated a plan to change this. It is currently only competitive for textiles. Based on my own experience speaking with Vietnamese officials, many do not even understand the concept of free trade. Samsung and other large foreign companies are providing much of their own facilities. Without a committed long-term plan for manufacturing and supply chain infrastructure, Vietnam will not be able to take advantage of the trend of foreign companies looking for alternatives to China.
The VN's goverment structure which is still based on the farmer's needs (Nong Dan) principal was established many decades ago by HCM and haven't changed a bit, except for corruption. Most infrastructures have been or being built concentrating in transportation, i.e., roads and airports. Cheap labors and hard working people are only things worthwhile to invest in VN.
If you wan to move to Vietnam, let us know here: tinyurl.com/duongbussinessconsulting and while we are at it, if you are wondering about the difference between minimum wage in Vietnam and manufacturing labor costs, manufacturing labor costs refer to the expenses incurred by a manufacturing company to pay its employees for their work in producing goods. These costs can include not only wages or salaries, but also benefits, such as health insurance and retirement contributions, as well as expenses for training, safety equipment, and other related costs. Minimum wage, on the other hand, is the legal minimum hourly rate that an employer must pay to their employees.
The main difference between manufacturing labor costs and minimum wage is that manufacturing labor costs include all expenses related to employing workers in the manufacturing process, whereas minimum wage is only the minimum hourly rate that must be paid to workers by law.
Great video and I wish you and Vietnam prosperity and success 🙏
Great Video Mr. Ken & Very Educational On Investing In Vietnam & Why Everyone Should.
If wages for factory workers are lower in Vietnam than they are in China then why are there over a million Chinese nationals working at factories in Vietnam?
We can answer your question, although the number shared is excessive and do not reflect any official statistical data. One reason is that Vietnam's labor force is growing rapidly, and there is a high demand for workers in many industries, including manufacturing. This demand may be attracting Chinese workers who are seeking employment opportunities, as factories are closing there. Additionally, the cost of living in Vietnam is lower than in China, allowing Chinese workers to maintain a decent standard of living despite lower wages. Also another reason is that Chinese companies are expanding their operations to Vietnam to take advantage of lower labor costs while still being close to their home market. Not to mention relocation for training purposes. Lower wages in Vietnam is not a hypothetical occurrence, it is a fact.
@@duongglobalbusinessconsulting Do you find it a bit ironic that workers in the country with the world's 2nd largest economy are fleeing south to find jobs in Vietnam, which is considered to be a developing economy? I can assure you that workers in America aren't running south to Mexico in search of better opportunities. Do you think China's economy is overrated?
When Mexico will double its GPD in a 10-year timeframe, house some of the largest manufacturers such as Intel, LG, Samsung, Apple, Nike, and many more, perhaps there would be a similar trend. Having said that, we do not think the comparison is valid. First, the US is no longer a manufacturing country. Second, while first-tier cities in China are considered as developed areas, the rest of the country where blue collar workers come from is at best in the developing stage, that is not to say under developed. As a result, it is a main factor for economic migration. Third, China’s demographic is vastly different, over four times the population. Thus, we do not see the irony but hope to have answered all your questions.
There’s a million and one answers to your question, that’s solely due to the fact, your question is phrased in twentieth century thinking. Take a look around you, there’s “change” everywhere. Perhaps the Chinese are not in Vietnam because of the wages being paid.
Les chinois c'est comme ça partout en asie , Thaïlande aussi appartient aux chinois. . . .
Rich need poor. Without poor, no one is rich. Low labor costs means still large percentage people are POOR and suffering.
Vietnam is a Stunning Country we've been 4 times since 2017 and even spent our Honeymoon there. I would love to retire there or Thailand where my wife is from. Unfortunately I don't have a business to bring there. Great information though. BE well.
We agree.
I would recommend Thailand, cheaper and less corrupt. Even the Vietnamese mother of my children agrees with that.
Nice summary
Thank you for sharing.
Finally, they realized Viet Nam culture is different from other Asian countries culture.
😂🇻🇳 quá khác với những gì các nước châu á đang nghĩ giống họ
Great video. Hopefully someone could tell me the facts 🤞🏾. I would really love to move from America to Vietnam and from all I am researching the visa etc forms and it’s strict. One of the issues is I have to be HEATHY…. Will that deny me being able to live there? I had a stroke 6 years ago. I have many medications and I don’t work. I live on my social security and disability after my stroke, will that deny me?
Hopital here not good
No, you will not be denied based on your description.
@@huongpham-iy4sz what makes you say the hospitals aren't good? I'm curious as I'm also an American interested in Vietnam
Dude. The us China trade war doesn’t help Vietnam. Samsung and even huawei have been moving a small fraction of their factories to Vietnam because of slightly lower labor costs. The trade war isn’t going to benefit Vietnam very much. In fact it might even hurt Vietnam as nafta is the main beneficiary of this. China is opening dozens of new factories in Mexico each year because of proximity to the us and the cheaper and lower tariffs. Without the us China trade war then US wouldn’t have to invest in Mexico or their own countries. A strong economy of China has had a positive spillover effect for Vietnam because of proximity. Samsung is investing 250 billion usd in the us and Mexico factories. Not Vietnam. Taiwan’s semiconductor company is investing 150 billion in factories in Arizona and Texas and Mexico. Not Vietnam. I think Vietnam would be a lot better off without a us China trade war.
Ken, good Vid. I have built a house in VN and have some bank deposits there. Is it possible to set up trusts like we have in America? how do I
make sure my assets pass on to family in Vietnam?
Need to draft a will and have the Vietnamese citizenship, along with showing your ties to the beneficiaries.
How many Vietnam words did you use? Good video
Vietnam housing market looks nice! I want to buy a Home there!
Too bad in already here and loving it 😋
Cái tiêu đề câu view, cho 1 report
Vietnamese working hard, cheap Labor, less concern sueing company, tropical weather utilities comfort Vietnamese workers don't Care. Export or import by air or ship easily. We're regreg All companies around the world make it happen to gain yours profit.
Is that factory in Vietnam made iPad / iPhone is the same company from China , closed in China but open back in VN ! 😂
Yes
One issue. Vietnam cannot flush toilet paper down drains.
one is ipad one is macbook
Duong, can I buy land and house in VN for retirement?
Thanks for watching our law firm's channel. Please watch the following video, as we explained how to buy real estate in Vietnam: ua-cam.com/video/DFK28StfuCE/v-deo.html
Người Trung Quốc thì không bao giờ được mua đất ở Việt Nam 🇻🇳 😂
I thought the title was in response to what’s happening in Hanoi.
What's happening in Hanoi?
@@chrishamlin5863 mask mandates. It’s 2020 - 2021 again.
😍😍😍
$2.99 per hour on labor is not cheap. I don’t think you are correct.
Our law firm is specialized in factory relocation and providing work force resources, among other services. Please allow us to be the experts. Of course, you are more welcome to share your opinions in the comment section and even contradict our lawyers as long as your claims are backed up by reliable sources and authoritative professional experience. Not to mention that even though it is not the cheapest labor cost (which was not our main point), Vietnam is not an under-developed country either. Thus, from a business standpoint that also takes into account productivity and other factors, labor cost is affordable.
@@duongglobalbusinessconsulting : Mínimum wage in Mexico is about $4.5 usd per day (yes, per day, not per hour). However, the Average wage per month in Mexico is about 300 USD.
We are sorry you did not understand our video. We are talking about manufacturing labor cost here from a business standpoint, as the topic of this video is about factory relocation, not minimum wage.
To end the discussion, please find the following link as a corroborative source that shows all the manufacturing labor cost per hour and country: www.statista.com/statistics/744071/manufacturing-labor-costs-per-hour-china-vietnam-wmexico/#:~:text=Premium%20statistics-,Manufacturing%20labor%20costs%20per%20hour,%2C%20Vietnam%2C%20Mexico%202016%2D2020&text=In%202018%2C%20manufacturing%20labor%20costs,2.73%20U.S.%20dollars%20in%20Vietnam.
As mentioned, please kindly be cognizant of our 14 years of experience in the matter. Hope it helps. Thank you
@@duongglobalbusinessconsulting As a very experienced research analyst who is very well versed in trade matters and Vietnam economics, I can tell you that Statista is not a credible source for research professionals. Also, the commenter who said that $2.99/hr is too high and is not a correct quote, he is correct. I'm not sure where you came up with that figure but it's definitely not correct as it is way too high.
You are correct. Factory workers in VN are not paid $2.99/hr. That's just ridiculous.
The products made in VN some how it's made in China and imported to VN then sale to usa
Isn’t Vietnam polluted enough??? I feel bad for the Vietnamese with all the new manufacturing plants.
So Nothing to do with Retiring there.
bs
Vietnam currently lacks adequate infrastructure for manufacturing, and has not even formulated a plan to change this. It is currently only competitive for textiles. Based on my own experience speaking with Vietnamese officials, many do not even understand the concept of free trade. Samsung and other large foreign companies are providing much of their own facilities. Without a committed long-term plan for manufacturing and supply chain infrastructure, Vietnam will not be able to take advantage of the trend of foreign companies looking for alternatives to China.
The VN's goverment structure which is still based on the farmer's needs (Nong Dan) principal was established many decades ago by HCM and haven't changed a bit, except for corruption. Most infrastructures have been or being built concentrating in transportation, i.e., roads and airports. Cheap labors and hard working people are only things worthwhile to invest in VN.
@@PTL4179 you need to learn more about Vietnam 😂