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Supporting industries play an essential role in promoting the Vietnamese automotive industry growth. In the last two years, the Vietnamese automotive industry has developed rapidly with total design capacity of 500,000 vehicles per year. The country is aiming to produce major components such as engines and gearboxes of trucks and passenger cars by 2020 in order to participate deeply in global value chains and become a dominant supplier of spare parts and components for the automotive industry in the region and the world by 2035. Meanwhile, Vietnam is driving towards a target of 227,500 domestically manufactured vehicles by 2020; 466,400 units by 2025 and more than 1.53 million units by 2035. These quantities will meet 67 percent of the domestic demand by 2020, 70 percent by 2025 and 78 percent by 2035.

At the present time, there are several significant projects being implemented, including a Vinfast automobile manufacturing complex project having a total investment of 35 trillion VND (1.49 billion USD) and a capacity of 500.000 units per year; a Thaco Mazda automobile plant project worth 12 trillion VND (510 million USD) with a yearly capacity of 100.000 units; and a 1.32-trillion-VND (60 million USD) Hyundai Thanh Cong automobile factory project which has an annual capacity of 40.000 units.

Foreign firms from Korea, Taiwan and Japan are holding approximately 80 percent of Vietnam’s precision engineering market. According to Foreign Investment Agency (FIA), Ministry of Planning and Investment, manufacturing and processing remains the most appealing sector by attracting 10.72 billion USD in the first eight months of 2018, accounting for 44 percent of the total investment inflow.

By 2025, the Vietnamese mechanical engineering industry will concentrate on developing automobile engineering, agricultural machine engineering, construction equipment engineering, industrial and electric equipment engineering. Fundamentally, mechanical workers will be qualified to work in a modern manufacturing.

Mechanical engineering has always been the backbone of the Vietnamese economy due to its impact on the development of other industries. Therefore, in order to take advantages of the opportunities mentioned above, manufacturers ought to get ready and prepare themselves to catch the next wave of innovation. Not only latest machines but also sought-after solutions  can be discovered at METALEX Vietnam 2019, the international exhibition on machine tools & metalworking solutions for production upgrade. The event will serve participants as the gateway to Vietnam’s manufacturing industry gathering over 200 brands from 20 countries. Reserve your exhibition space today here to take a step closer to Vietnam market!

Source: Vietnam Investment Review, Customs News, VTV

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