Last month, Vice President Kamala Harris traveled to Singapore and Vietnam, underscoring the Biden administration’s commitment to strengthening United States’ economic ties with the two countries. AMT‘s research supports the value of this relationship-building. The market potential for manufacturing technology in Southeast Asia led to an AMT initiative to develop services to build and expand its members' market share there.
Vietnam and Singapore have made considerable strides to convert to a digital economy and expand advanced manufacturing markets. For example, in 2018, Vietnam opened its first national global intelligent mobility company, VinFast, the largest private corporation in Vietnam. It produces cars and electric motorbikes and plans to make electric vehicles, SUVs, trucks, scooters, and other people movers.
Government support has helped fuel the advanced manufacturing expansion. Both countries’ governments implemented business-friendly policies that have attracted an influx of Fortune 500 companies. The Singapore Economic Development Board (EDB) offers valuable resources, from government incentives to vetted business partners, for international businesses. AMT member Acme Manufacturing has had great success working with the Singapore EDB, and it was instrumental in Acme opening its new facility, Acme Singapore, in 2019
Singapore EDB’s Smart Industry Readiness Index (SIRI) is on AMTs’ radar. Established in 2017, SIRI is a partnership of leading tech companies, consultancy firms (including Accenture, Boston Consulting Group, and McKinsey), and industry and academic experts providing a suite of frameworks and tools to help manufacturers start, scale, and sustain their manufacturing journey, regardless of their size. Earlier this year, at the request of the World Economic Forum, AMT Vice President and CTO Tim Shinbara began evaluating and tracking member involvement with SIRI to determine its effectiveness and value.
With global supply chains disrupted, the vice president’s trip to Southeast Asia was a significant stride toward strengthening investment, business development, and supply chain resilience in the United States. Southeast Asia offers a wealth of opportunities for AMT members, and AMT is committed to continued exploration of the region to expand member opportunities. AMT News will continue to report on relevant developments by the U.S. government, Southeast Asian countries, and “boots-on-the-ground” experiences. Stay tuned.