METALEX Vietnam 2020, Vietnam’s leading exhibition on machine tools and metalworking industry, is going to be converted to an online format on October 23-24 to keep Vietnam’s machine tools and metalworking industry connected.
|Virtual METALEX Vietnam 2020 and Supporting Industry Show 2020 adapts to the new normal with digital transformation |
Vietnam has proven an attractive investment destination for foreign enterprises thanks to its relatively developed infrastructure along with improvements in living standards. Despite the COVID-19 pandemic, Vietnam is expected to quickly become an attractive market for businesses.
Vu Trong Tai, general manager of Reed Tradex Vietnam, the organiser of METALEX Vietnam 2020 said that, “This is due to the constantly moving economy, various strategic investment promotion policies, along with the trade agreements signed recently. According to the newly published Global Economic Outlook report by Oxford Economics, the recovery prospects look brightest for Vietnam and the country is expected to be the only Southeast Asian economy to record positive growth this year.”
On the same note, Hirai Shinji, chief representative of Japan External Trade Organization (JETRO) in Ho Chi Minh City cited a JETRO survey about the overseas operations of Japanese companies from November 5 to December 23, 2019. Regarding the countries and regions where firms aim to expand business overseas, among firms that answered "currently have an overseas base and are planning to further expand operations", the ratio of firms citing China was 48.1 per cent.
This result, being below 50 per cent for the first time in two years, is a significant drop from the previous year (55.4 per cent). Vietnam ranked second at 41.0 per cent, exceeding 40 per cent for the first time. The difference between Vietnam and China narrowed to 7.1 percentage points from 19.9 percentage points in the previous year. This means that in terms of expanding business operations internationally of Japanese firms, the position of China is declining, meanwhile, Vietnam is catching up with China.
In order to seize opportunities from global supply chain diversification, Vietnamese industrialists should enhance their competitiveness by upgrading machineries and technologies contributing to productivity improvement and consumption reduction, as well as developing human resources.
In the manufacturing industry, since 2010, Vietnam's rate of domestic procurement has gradually increased. However, compared to other countries such as China, Thailand, and Indonesia, the gap has not been shortened yet.
In order to arm Vietnamese manufacturers with advanced technologies and solutions and business connections, Reed Tradex Vietnam would hold the virtual METALEX Vietnam 2020. Additionally, JETRO in Ho Chi Minh City, Investment & Trade Promotion Centre (ITPC), Ho Chi Minh City Centre of Supporting Industries Development (CSID), and Reed Tradex Vietnam will introduce the Supporting Industry Show 2020 within the virtual METALEX Vietnam 2020 to strengthen the long-term relationship between the Vietnam-Japan supporting industries.
With the combination of METALEX Vietnam and Supporting Industry Show 2020, the joint events will be a comprehensive destination for the manufacturing, metalworking, and supporting industry community. In addition, a Vietnamese-Japanese matchmaking event will be happening at Hotel Nikko Saigon during two show days with various activities such as tailor-made business matchmaking programmes, technology showcases, seminars, business consultancy, and many more.