Expo ushers in new production era

Photo: Can Dung

Visitors had a chance to view a broad range of technologies, knowledge and networks of 200 leading brands from 20 countries, and to visit four international pavilions of Japan, the Republic of Korea, Chinese Taipei and Thailand. A large number of technological solutions for the manufacturing industry were also displayed.

VME 2017 was held in conjunction with two other events: “Industrial Components and Subcontracting Vietnam” or ICSV, which connected parts makers and potential buyers, and “Vietnam Sheet Metal,” which provided metalworking technologies, knowledge and ideas.

The events were designed to provide a response to the higher demand of production-oriented investors representing 70 percent of total foreign direct investment (FDI) in Vietnam.

Managing Director of Reed Tradex Co., Ltd, Isara Burintramart, said the company, which is the event’s organizer, is excited about Vietnam’s manufacturing and support industries. He believes it is time for these industries to prosper in Vietnam, as it opens up its economy to foreign investors. Tariff and non-tariff barriers have gradually been removed for many countries in Asia and worldwide. Vietnam is also among the leading countries in the region in gross domestic product growth. Increases in the number of new investors, as well as the expansion of operations of investors from South Korea, Japan, Chinese Taipei and Thailand, have significantly contributed to the growth of the Vietnamese economy. In 2016, Vietnam granted licenses for more than 2,500 FDI projects, up 27 percent compared with 2015.

Government support, infrastructure, foreign investor interest, and eagerness for learning and development are major factors facilitating the growth of Vietnamese businesses. Opportunities are growing and in order to take advantage of them, businesses should meet international standards and expectations of investors, partners and customers.

Thai Ambassador to Vietnam Manopchai Vongphakdi said, “I have seen business opportunities emerging for Vietnamese businesses, especially in the manufacturing sector where the majority of Thai investment resides. Thailand currently ranks 10th among 112 foreign investors in Vietnam. Thai businesses have invested in 440 projects with total registered capital of US$7.7 billion, according to the Foreign Investment Agency.” He believes VME will help manufacturers, engineers and industrialists enhance their capabilities with new technologies, know-how, ideas, inspiration, and international trade networks.