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According to the latest figures from the General Statistics Office (GSO), year-on-year GDP growth of Vietnam reached 6.98 percent in the first nine months of 2018, which represents the best result since 2011. The manufacturing and processing industries are continuing to soak up the majority of GDP with the increase rate of 12.65 percent, accounting for 2.56 percentage points to the overall growth.

Meanwhile, Vietnam’s export turnover has soared to US$23.48 billion in August from US$21 billion in March. Of which, US$5 billion were from smart phone exports over those two months. Worldwide, one in 10 smartphones is produced in Vietnam. Generally, Vietnam’s export revenues in 2018 is estimated to reach a value of US$237 – 239 billion with an expected 10 – 12 percent year-on-year increment. This is mainly attributed to the growth in the manufacturing and processing industry which constitutes a majority of the country’s exports, with smartphones comprising the largest export pool.

The localization for materials, components and spare parts of Vietnam is surely potential in comparison with Thailand and China. According to JETRO, in Vietnam, the rate is solely at 34 percent, meanwhile the rates for Thailand and China stand at 57 percent and 68 percent, respectively. Furthermore, more than 151 thousands of firms are categorized into industrial and construction sectors, nonetheless, only around 1.400 Vietnamese companies are active in supporting industries. Notably, SMEs make up the vast majority, only one-fifth of the Vietnamese enterprises meet the requirement for the global supply chain and one-third of them are able to join the export-oriented production. Output of the Vietnam’s supporting industries caters account for 25 percent to 30 percent of the overall market demand.

To complement the growth trend by facilitating manufacturers to catch up with the most updated trends in the new dawn of Industry 4.0, Vietnam Manufacturing Expo (14 – 16 August 2019) in Hanoi will be presenting technologies, solutions, and practical experience for smart factories from 200 brands, 20 countries, to support Vietnamese manufacturers in overcoming challenges and capitalize on opportunities. The Vietnam’s leading exhibition on machinery and technology will be an all-in-one platform technology providers will be able to discuss face-to-face with potential buyers on how to meet their needs for advancement. Reserve your exhibit space by clicking here to become a part of dominant industrialists in Vietnam.

Source: Hanoitimes, Bao Cong
Thuong newspaper, Vietnam Briefing

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