Demand for fasteners in Vietnam is booming

The strategic location of the Southeast Asia Center and the speed of its rapid development make Vietnam an attractive investment destination for foreign investors. Vietnam has become a gathering place for foreign manufacturers. This Southeast Asian country is full of business opportunities. According to statistics, Vietnam achieved a trade surplus of US$865 million in the first two months of 2016, and newly added foreign investment of US$2.8 billion, a year-on-year increase of 135%.

Tony Shale, Asia Chief Executive Officer of the European Monetary Investment Agency, stated that Vietnam is becoming one of the fastest growing economies in Asia.

Construction machinery and its spare parts. According to the information provided by the Ministry of Planning and Investment of Vietnam, Vietnam’s total infrastructure construction in the next decade will reach US$ 160 billion, including highways with a total length of more than 5,000 kilometers, 300-400 kilometers of railways, and approximately 12 airports. With the vigorous development of the Vietnamese market, the demand for construction machinery, equipment, materials, bulldozers, road rollers, hydraulic presses, and road-building machines is strong, while only 6% of Vietnamese metal processing and industrial products are produced by themselves, and the remaining 94% are Depends on imports, the market has great potential!

Automobiles, motorcycles and their accessories. Motorcycles are the main means of transportation for Vietnamese people to travel daily. Over the past five years, motorcycle sales have exceeded 2.5 million to 3 million units a year. Vietnam has also become the world’s fifth-largest motorcycle manufacturing strategic market. The Vietnamese government encourages it. Domestic enterprises assemble and produce motorcycles. With the gradual improvement of the country’s infrastructure construction, the demand for cars and trucks in cities is also rising. Vietnam's economic development is in good shape. However, due to the backwardness in the manufacturing of equipment brought about by the country’s weak industrial infrastructure, this is a market worthy of attention by fastener companies.

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