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Due to the obsolete production methods and the low level of specialization, the output of Vietnam's mechanical products can only meet the market demand of 9% to 10%, and the products are of low quality and backward in shape, and are not welcomed by users. In this case, mechanical products from Japan and China occupy the Vietnamese market, and especially Chinese mechanical products are popular due to their low prices and high quality.
Vietnamese machinery manufacturers can only switch to developing neighboring markets and sell products to ASEAN countries such as Indonesia, the Philippines, Laos, Cambodia, and Myanmar. At present, the annual export volume of Vietnam's mechanical products is about 10 million U.S. dollars, accounting for about 0.1% of the total annual export volume. The main products are internal combustion engines, glutinous rubber rollers, engines, honing machines, and small generators.
Experts in Vietnam predict that between 2001 and 2010, the annual demand for Vietnam's machinery market will reach US$7 billion. The goal set by the machinery industry is to increase the annual output value by 14% to 15% by 2005. By 2010, the output value will reach 2.8 billion to 3 billion U.S. dollars and the export value will be 1 billion U.S. dollars, accounting for 30% of the total output value.
Vietnam's machinery industry import demand
According to reports, Vietnamese official data show that the productivity of Vietnam's machinery manufacturing industry is insufficient and the market supply is heavily dependent on imports.
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