Business Opportunities in Vietnam Today
Vietnam is one of the fastest developing countries with an annual growth averaging 7.5% over the past decade. The economy is surging ahead and driven by massive industrialization. This presents many opportunities for overseas businesses who are exploring new markets.
Over the course of two decades, Vietnam has emerged as an important regional producer of oil and natural gas in Southeast Asia. The country has boosted exploration activities by allowing foreign companies to be involved in the oil and natural gas sectors, at the same time introducing market reforms aimed at strengthening Vietnam’s energy industry.
A number of key industries are developing in Vietnam, namely manufacturing and process industries, building and construction, agriculture, infrastructure, shipbuilding and development of public utilities including power plants as demand for energy increases.
Manufacturing & Process Industries - Vietnam’s industrial sector has experienced consistent growth over the last several years, contributing to 45% of the country’s GDP. Contributing to the sustainable development of the industry includes the considerable progress from the plastic sector, earning USD 710 million in year 2007. Food processing and packaging accounts for 40% of total export turnover, with an average annual growth rage of about 11% while Vietnam’s rubber sector has been seeing growth of about 15% a year. Plans are to invest about $100 million in the period 2001 to 2010 in building processing plants, which translate to an increase in investment of advanced technology to produce hi-tech products.
Oil - Vietnam’s oil production has increased steadily over the last two decades. It is forecasted that the country’s oil production will rise again in 2008, based on new production projects that are in the pipeline. These will increase the needs for pumps, valves and piping products.
Natural Gas - Vietnam had 6.8 trillion cubic feet (Tcf) of proven natural gas reserves as of January 2007. Most natural gas production in Vietnam is processed and then sent directly to industrial and power sector end-users. With this, the demand for piping technology that deals with gas will increase.
Water-related applications - Driving Vietnam’s billion-dollar economy is the high urban population growth, leading to a huge push in demand for advanced infrastructure which includes providing clean drinking water and treatment of water and wastewater. This translates to an increase in demand for pumps and valves market as they form the basic components of the machinery and technology that deal with liquids, gas and fluids.
Other related industries - The overall fluid, air, oil and gas industries show promising potential. The country’s need to develop these industries in the coming years inevitably requires more sophisticated machinery and services.
By exhibiting you can:
Source new business opportunities
Launch or expand into Vietnam
Source distributors as well as buyers
Meet key decision makers
Build relationships with clients and reinforce existing ones
Monitor the competition and the Vietnamese market place
Build brand awareness in the region
Product branding and product education
Demonstrate and showcase your business and products
Educate the market with respect to your latest products and services
Generate media awareness
Seize this opportunity now to expand your business, participate in PS Vietnam 2009!
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