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In the early 21st century, as China’s overall national strength increased, its productivity surged as well. The country's industrial manufacturing capabilities steadily approached those of major global powers. As a result, China began exporting vast quantities of goods to countries around the world, earning the title of the "world's factory." However, today, another nation is quietly rising, seemingly positioning itself as a potential successor to China. That nation is Vietnam. With its low labor costs and significant growth potential, more and more entrepreneurs are turning their attention to Vietnam. The influx of foreign investments has boosted the country’s export trade, leading to rapid economic growth in a short period. But does this mean that Vietnam is ready to become the next "world's factory"? Several factors need to be considered. First, when looking at Vietnam’s domestic industries, the situation is different from China’s well-balanced industrial development across various sectors. In Vietnam, the key industries that support the national economy are concentrated in traditional monopoly enterprises, such as petrochemicals, defense, and telecommunications. Meanwhile, manufacturing and infrastructure companies are lagging behind. Without advanced technological capabilities, these traditional Vietnamese companies struggle to establish a significant presence on the global stage. Competing with nations like the United States and Japan seems far-fetched, and securing a place among the world’s top companies remains a distant goal. Furthermore, a substantial portion of Vietnam’s export trade can be considered "false exports" from the perspective of national benefit. Most of these exports are actually driven by foreign investments, with only a small portion attributed to domestic enterprises. Foreign businesses operating in Vietnam have expressed disappointment over the current state of affairs. While labor costs are low, the overall quality of the workforce is lacking, and the country’s industrial infrastructure remains underdeveloped, creating a less-than-ideal environment for investment. Even though Vietnam has made efforts to attract foreign companies by significantly reducing taxes and offering favorable policies, many investors are still hesitant. In conclusion, Vietnam does not yet have the comprehensive capabilities to rival China as the "world's factory." The gap between the two nations is a challenge Vietnam must address. Nevertheless, Vietnam is emerging as a strong competitor, and Chinese companies should be prepared for the competition that lies ahead.