During a two-day strategic visit to Vietnam, Apple (NASDAQ:AAPL) CEO Tim Cook expressed his intention to boost the tech giant’s investment in the country, leveraging Vietnam’s status as a crucial manufacturing hub for AAPL.
Cook conveyed this intention during a meeting with Vietnamese Prime Minister Pham Minh Chinh. Following Cook’s statement, Chinh announced that Vietnam would establish a working group to support Apple’s investment.
So far, AAPL has invested $15.84 billion in Vietnam and has created around 200,000 jobs there. According to a Reuters report, the iPhone maker had 25 suppliers in Vietnam in 2022. Many of AAPL’s suppliers based out of China are also contemplating a move to Vietnam amid the rising geopolitical tensions between the U.S. and China.
Is Apple a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 16 Buys, 10 Holds, and one Sell. Year-to-date, AAPL has declined by more than 9%, and the average AAPL price target of $202.76 implies an upside potential of 17.4% at current levels.
