Exhibition information
Exhibition name: Vietnam Manufacturing Expo 2023
Exhibition time : 09-11 August 2023
Exhibition Venue(address) : Honoi·Vietnam
Booth number:I27
Vietnam Fastener Market Analysis
Vietnam’s mechanical and electrical machinery industry has a weak foundation and relies heavily on imports. Vietnam’s demand for machinery and technology is very strong, while Vietnam’s local industry is still in its infancy and cannot meet the needs of social development. More than 90% of mechanical equipment and fastener products need Relying on foreign imports is a rare development opportunity for Chinese machinery companies. At present, machinery products from Japan and China occupy the main market in Vietnam. Chinese machinery is of high quality, low price and convenient transportation. Therefore, Chinese machinery has become the first choice of Vietnam.
The exhibitors participating in this exhibition also cover a wide range, including: assembly and installation systems, building fixtures, fastener manufacturing technology, fastener production machinery, industrial fasteners and fixtures, information, communication and services, screws and Various types of fasteners, thread processing machine tool storage, distribution, factory equipment, etc.
China has always been the largest source of imports of fasteners in Vietnam. In 2022, Vietnam’s total fastener imports from China will reach 360 million US dollars, accounting for about 49% of Vietnam’s total fastener such as wedge anchor, threaded rods imports. China basically monopolizes half of Vietnam’s fastener imports. Vietnam’s economic growth potential is huge. At the same time, it has a market size of nearly 100 million consumers. The demand for fasteners is increasing year by year. Many domestic fastener companies regard Vietnam as an important export market.
According to the organizer’s introduction, half of the enterprises in this year’s Fastener Exhibition are from China, and the future investment target will be extended to more European and American enterprises. The future Fastener Fair Vietnam will be larger in scale and will be held independently from VME. At the same time, it does not rule out holding an exhibition in Ho Chi Minh City in the future. For Chinese fastener companies, this is undoubtedly an opportunity to go international.
Vietnam Fastener Market Outlook
The fastener industry and market in Vietnam is an emerging and dynamic field that has been developing rapidly in recent years. Vietnam is one of the most attractive destinations for foreign investment in manufacturing, especially in sectors such as automobiles, electronics, shipbuilding and construction. These industries require a large number of fasteners and fixings, such as screws, bolts, nuts, rivets, washers, etc. In 2022, Vietnam imported about US$360 million in fasteners from China, while only exporting US$6.68 million to China. This shows how dependent Vietnam’s fastener market is on Chinese manufacturers.
It is expected that Vietnam’s fastener industry and market will continue to grow in the future, as Vietnam will continue to attract more foreign investment and develop its manufacturing industry. In addition, Vietnam is also involved in some free trade agreements (FTAs), such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP), which can Create more opportunities for Vietnam’s fastener industry and market.
The analysis of the current situation and development trend of the global fastener industry market in 2022 shows that the Asia-Pacific region is the largest fastener market in the world. In 2021, the revenue of fasteners in the Asia-Pacific region accounts for 42.7% of the global fastener industry revenue. will maintain its leading position. As an important member of the Asia-Pacific region, Vietnam will play an important role in the Asia-Pacific fastener market.
Post time: Aug-14-2023