At the “HCM City Products Week 2023 - Mechanical and Electrical Devices and Digital Technology” (Photo: https://vneconomy.vn/) The Investment and TradePromotion Centre of HCM City (ITPC) and HCM City Association of Mechanical–ElectricalEnterprises are jointly organising the “HCM City Products Week 2023 - Mechanical and Electrical Devicesand Digital Technology” which attracts the participation of over 40 businesses.
Exhibitors are showcasing machinery, electrical equipment, digital technology services and solutions, logistics servicessupporting the mechanical engineering and electrical equipment manufacturingindustry, and warehouse storage solutions.
According to Tran Phu Lu, ITPC Deputy Director, the productsselected by businesses to showcase in the exhibition are reputable andhigh-quality items with beautiful designs and advanced technology, which also incorporatedigital technology and automation in their applications.
The expo, to go on until June 7, is part of a city tradepromotion campaign to help mechanical and electrical businesses promote theirbrands and products.
Mechanical engineering, machinery, and electrical equipment are key industries andserve as drivers of HCM City’s industrial development. Due to the impacts ofthe global economic downturn, HCM City's export turnover in the first half of2023 is falling sharply.
In addition to trade promotion activities and market support, the municipaladministration is also focusing on resolving difficulties and obstacles facing localbusinesses related to capital for production and consumption, thus helping businessesboost their export in the second half of the year and next years.
With support from the management authorities, mechanical and electricalbusinesses are making efforts to meet the criteria for joining supply chains.
According to the Department of Industry under the Ministry of Industry andTrade (MoIT), Vietnam has around 25,000 mechanical andelectrical businesses,accounting for nearly 30% of the total number of processing and manufacturing enterprisesin the country.
Data ofthe General Statistics Office (GSO) shows that in the first quarter of 2023, theexport turnover of machinery,equipment, tools and spare parts group reached an estimated 9.85 billionUSD, down a 3% year-on-year.
The main importersof Vietnamese machinery,equipment, tools and spare parts in the period were the US (3.99 billionUSD), the European Union (1.46 billion USD), China (701 million USD), and Japan(663 million USD).
Accordingto insiders, the shifting of manufacturing workshops from China to Southeast Asianin general and Vietnam in particular is creating a great opportunity for Vietnamesebusinesses to access investment sources from foreign countries.
Tran QuynhHuong, who is in charge of supply chain management at Source of Asia, said with thepresence of multinational companies such as Samsung, Foxconn, and Intel,Vietnam has become a leading country in the export value of electrical andelectronic products over the past decade./.
Accordingto insiders, the shifting of manufacturing workshops from China to Southeast Asianin general and Vietnam in particular is creating a great opportunity for Vietnamesebusinesses to access investment sources from foreign countries.
Tran QuynhHuong, who is in charge of supply chain management at Source of Asia, said with thepresence of multinational companies such as Samsung, Foxconn, and Intel,Vietnam has become a leading country in the export value of electrical andelectronic products over the past decade./.
VNA
