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| After
more than 10 years of non-stop development of average 9%
per year, Vietnam became as one of the most potential markets
in industrial machinery and equipment. Apart from this remarkable
figure, Vietnamese industrial sectors and exports have gradually
reached better figures of 15% and 25% per year respectively.
Vietnamese economy situation has changed; it faces new stage
of joining to the world globalization. |
The
Vietnam-US bilateral trade agreement (BTA) will pave the
way for greater two-way trade between the two countries
and help boost US investment in Vietnam, the greatest beneficiary
will be Vietnam, as access to the US market will be much
easier given the reduction of most import duties from an
average of 40 per cent to 2 per cent, it comes into effect
will certainly trigger a boom in exports from Vietnam to
the US. Trade Ministry figures show that Vietnam's exports
to the US a year-on-year increase of 40 per cent. According
to an estimate by the World Bank, Vietnam's exports to
this huge market will rise from US$820 million last year
to US$3 billion in 2005, and US$8 billion in 2010.
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Besides,
Vietnam is going to join AFTA (Asian Free Trade Agreement)
in 2006 and by that time, trade tariff and non-tariff between
ASEAN countries will be cancelled or reduced so that goods
can be moved easily through ASEAN nations to nations. Export
of Vietnamese goods will increase remarkably but Vietnam
products will also be faced with strong challenges from
foreign competitors.
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| Obviously,
attending this most specialized and the largest International
Industry Exhibition is opportunities and also challenges
to Vietnam manufacturers. Government of Vietnam knows that,
Vietnamese private businessmen do, too. So, to be sure the
competition will be better for Vietnam companies, the Government
has approved new development policy so called as " Industrialization
and Modernization of the economy"
with billions of USD investment yearly. Private Vietnam businessmen
have also been trying to modernize their production equipment
by investing more and more capital. That is why one realized
that USD 3 billion of machines and equipment purchase has been
spent annually. Certainly it's the best time and channel for
global machinery and equipment manufacturers and suppliers
to penetrate into Vietnam market. |
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