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Vietnam-Vietnam Food Processing & Pharmaceuticals Vietnam Food Processing & Pharmaceuticals
Vietnam Food Processing & Pharmaceuticals
Vietnam-Vietnam Food Processing & Pharmaceuticals Vietnam Food Processing & Pharmaceuticals
Stage:9Month
keyword:food, processing, pharmaceutical Vietnam Food Processing & Pharmaceuticals summary:(Vietnam Food Processing & Pharmaceuticals ) After more than 10 years of non-stop development of average 9% per year, Vietnam became as one of the most potential markets in industrial machinery and equipment. Apart from this remarkable figure, Vietnamese industrial sectors and exports have grad Vietnam Food Processing & Pharmaceuticals Detail:(Vietnam Food Processing & Pharmaceuticals )

 

Market Overview

After more than 10 years of non-stop development of average 9% per year, Vietnam became as one of the most potential markets in industrial machinery and equipment. Apart from this remarkable figure, Vietnamese industrial sectors and exports have gradually reached better figures of 15% and 25% per year respectively. Vietnamese economy situation has changed; it faces new stage of joining to the world globalization.

The Vietnam-US bilateral trade agreement (BTA) will pave the way for greater two-way trade between the two countries and help boost US investment in Vietnam, the greatest beneficiary will be Vietnam, as access to the US market will be much easier given the reduction of most import duties from an average of 40 per cent to 2 per cent, it comes into effect will certainly trigger a boom in exports from Vietnam to the US. Trade Ministry figures show that Vietnam's exports to the US a year-on-year increase of 40 per cent. According to an estimate by the World Bank, Vietnam's exports to this huge market will rise from US$820 million last year to US$3 billion in 2005, and US$8 billion in 2010.

Besides, Vietnam is going to join AFTA (Asian Free Trade Agreement) in 2006 and by that time, trade tariff and non-tariff between ASEAN countries will be cancelled or reduced so that goods can be moved easily through ASEAN nations to nations. Export of Vietnamese goods will increase remarkably but Vietnam products will also be faced with strong challenges from foreign competitors.

Obviously, attending this most specialized and the largest International Industry Exhibition is opportunities and also challenges to Vietnam manufacturers. Government of Vietnam knows that, Vietnamese private businessmen do, too. So, to be sure the competition will be better for Vietnam companies, the Government has approved new development policy so called 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 USD 3,000,000,000 of machines and equipment purchase has been spent annually. Certainly it's the best time and channel for global machinery and equipment manufacturers and suppliers to penetrate into Vietnam market.

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