Vietnam, a communist nation of 84 million people,
is the fastest growing major economy in Southeast
Asia. It had a growth rate of 8.17 percent in
2006. Its gross domestic product (GDP) has grown
from US$31 billion to US$54 billion over the past
five years. Apart from this remarkable figure,
Vietnamese industrial sectors and exports have
gradually reached better figures of 15% and 25%
per year respectively.
After becoming the WTO member in 2007, Vietnam
starts to enjoy access to all WTO members’
goods and service markets on lower tariffs or
so on, in addition to the perfection of economic
legislation and improved business environment.
Ministry of Trade has set up a target of 20% growth
on export value, from US$39.6 billion in 2006
to US$47.4 in 2007.
In 2006 Vietnam attracted record Foreign Direct
Investment (FDI) of US$10.2 billion, far exceeding
its target of US$6.5 billion. It shows that more
and more foreigners consider Vietnam as an emerging
country with great potential as well as a perfect
marketplace in industrial machinery and equipment.
In the mean time, Vietnam has become a manufacturing
hub in Asia, facing numerous opportunities &
challenges of globalization.
To be ensured a better competitive advantage,
the Government has approved some new development
policy such 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 over 3 billion US dollars of
machinery and equipment purchase has been spent
annually, and is expected to be doubled in next
few years.
Certainly it’s the best time and platform
for global machinery and equipment manufacturers
and suppliers to penetrate into Vietnam market.
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