Article Description : This article titled ‘Market overview -Machine Tool suppliers in Vietnam’ covers important facts that a professional must know before considering about supplier sourcing in Vietnam.
The Economy of Vietnam has been growing in a positive trend in the recent years. This has highly influenced the industrial sectors of the country. The machine tools sector decides the stance of the entire metalworking sector. Because the more efficient the machine tools market of a country is, the more proportionate is the quality of its output products and services. This fact is flawlessly proven by the Vietnamese industrial sectors. Specifically, the insufficient availability of high-end technology in the Machine tools industry is smartly compensated by the country through import of more than 65% including CNC machine tools from foreign manufacturers.
Though Vietnam has plentiful skilled labors, the manual design and machining is perceived as an advantage that does not harmonize with the pace at which other competitive markets are growing. This demand for technologically advanced machine tools in the country has made the Vietnamese market a great business zone for several producers like Taiwan and Germany. This invites the need for skill development practices and policies in order to adapt to forthcoming upgrades.
Subsequently, several new trade affairs are established internationally to attract Foreign Direct investors in Vietnam to enhance the growth of the market.
The current economic growth has contributed a growing phase to the machine tools industry of the manufacturing sector. The continuous demand for tools for applications like automotive sector and infrastructure drives forward the industry in a positive trajectory.
Only minor threats due to minor market fluctuations are in occurrence. Apart from this, the global economic slowdown has a trivial effect on the market without causing major consequences.
The price of the Vietnamese machine tools products is less when compared to the other major competitors due to direct effect of the currency value. But the country is known for its optimal quality of production causing several Foreign direct investments in the sector.
Aerospace, Mechanical engineering, Food processing industry, medical technology, electrical/electronics, textiles, etc.
Several exhibits, trade fairs, seminars are conducted across the country to involve foreign affairs in order to exchange the latest technologies and insights about the sector.
The growth of the automotive industry and the increased infrastructural activities has caused a major demand in the Machine tools sector.
There are several factors that act as a reason for Vietnam’s nature of strong adaptation to traditional manufacturing methods. Though the availability of highly skilled manual labours has eventually caused the less focus on the switch to technological advancements. This however is a major challenge to the market since the customization features and the speedy output delivery due to the technologies in other countries.
PREDICTIVE INSIGHTS AND OUTLOOK
Since Vietnam only recently has joined the race of global industrial automation, it has created an opportunity for the well-equipped foreign companies to introduce their technologies in the Vietnamese market. In progress, the modernization steps acquainted by the country has placed her in the map of growth.
Potential Machine Tool suppliers in Vietnam
Vietnamese Suppliers in our Global Metalworking network