09:23 | 03/12/2018 Trade
(VEN) - As many as 280 enterprises from 18 countries and territories will participate in the Vietnam Hardware and Hand Tools Expo, organized from December 5-8, 2018.
The event, organized by the Vietnam National Trade Fair and Advertising Company (Vinexad), will be held at the Saigon Exhibition and Convention Centre (SECC) in Ho Chi Minh City. This event is the only exhibition dedicated to electrical equipment, accessories and spare parts. It will feature hand tools that are used in electrical repairs, mechanical manufacturing, wood processing, construction, ship-building and gardening.
As one of the leading countries in terms of foreign direct investment (FDI) attraction according to the World Bank, Vietnam has witnessed the significant contribution of FDI to its economy for 30 years. The country is also the ideal destination where a variety of world-class brands like Samsung, Bridgestone, Nipro Pharma, Fuji Xerox, Posco and LG choose to run their businesses, which has facilitated its economic growth, brought advanced skills to the labor force in manufacturing, and created more opportunities for foreign and domestic suppliers.
Big companies usually require a stringent supply chain of components because auxiliary components are an integral part of a production. If Vietnamese manufacturers can prove that their products are up to the standards used in the factories of big companies, it will definitely a mutual benefit for both foreign companies in Vietnam and Vietnamese enterprises.
The EICC standard with capacity and quality as two key elements has become a means of assessment for major foreign electronics companies in Vietnam like Samsung, LG or Foxconn to choose their local partners. It is “an admission ticket” for domestic component manufacturers to become the vendors of these “giant” corporations; as a result, taxation and transportation costs for imported goods are cut down, helping local manufacturers reduce production cost and increase profit. The big ones also easily get the love from local consumers. Take high-local-content Samsung products as an example due to Samsung’s weighty contribution to the Vietnamese economy.
According to statistics, after 10 years of investment in Vietnam, the export turnover of Samsung Electronics Vietnam (SEV) and Samsung Electronics Vietnam -
Thai Nguyen (SEVT) accounted for US$9.8 billion in 2014; US$17.2 billion in 2015 and US$21.1 billion in 2016. The localization rate of SEV and SEVT has been 57 percent so far, which is very remarkable. As can be seen, Samsung has not only made a change for the better to thousands of households in Thai Nguyen but also brought in a large source of revenue to the province in particular and Vietnam in general. Samsung is both a successful example of FDI attraction and a spotlight of trade activity in Vietnam.
The Vietnam Hardware and Hand Tools Expo is the one and only exhibition dedicated to electric equipment, electrical accessories & spare parts; hand tools (used in electricity, repair, mechanical manufacturing, wood processing, construction, ship-building, and gardening); fasteners; hardware (pliers, tongs, drill bits, grinders, screws, valves, and taps); security devices (locks, hooks, and palang); and more.
In 2017, the exhibition welcomed 218 exhibitors from 16 countries and territories including Japan, Belgium, Denmark,
Holland, the Republic of Korea, Switzerland and Chinese Taipei, along with 12,790 visitors.