The supporting industries are having fresh opportunities amid the inflow of foreign capital and orders into Vietnam. However, local enterprises have to overcome multiple challenges to be able to take advantage of such opportunities. Despite the significant progress, Vietnam’s supporting industries are still at a “very primitive” stage, especially as compared with Thailand’s. According to the leaders of Reed Tradex Vietnam, the local content of Thailand’s auto industry is 60-70% versus Vietnam’s 7-10% Nguyen Van Hung, general director of CNC Tech, said previously his customers were mainly Japanese companies, but orders from new markets like the United States and Europe have now surged strongly. Hung attributed the order shift to the Sino-U.S. trade war. Amid the tense trade war, Vietnam is seen as one of the countries to receive capital as well as orders shifted from China. This can be an opportunity for the development of the local supporting industries. Vu Trong Tai, director of Reed Tradex Vietnam, noted that Vietnamese enterprises are growing strongly and they have great demand for machinery import. “The supporting industries exhibition is a thermometer to gauge the market as well as the demand for specific machinery. More than 11,000 visitors have come to the… Read full this story
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