The organizers shared about the 10th Vietnam - Japan Supporting Industry Exhibition (SIE) in Hanoi and the 14th Vietnam Industrial Parts Manufacturing Technology Exhibition (VME). (Photo: Van Chi) |
With the participation of more than 200 exhibitors including manufacturers, business distributors, advanced technology and machinery manufacturers from 20 countries, many activities will be held throughout the 3-day exhibition to support businesses and visitors in connecting with agents, distributors and business partners.
This is a program to strengthen trade relations between enterprises in the supporting industry between Vietnam and Japan, and at the same time promote the production and manufacturing of industrial spare parts in Vietnam to develop more strongly.
Speaking at the opening press conference and signing of the cooperation agreement to organize the 10th Vietnam - Japan Supporting Industry Exhibition (SIE) in Hanoi and the 14th Vietnam Industrial Parts Manufacturing Technology Exhibition (VME) on June 20, Mr. Vu Trong Tai, General Director, RX Tradex Vietnam - the co-organizer of the Exhibition, said that according to the World Bank's semi-annual report on Vietnam's economic situation, in order to achieve the goal of becoming a high-income economy by 2045, Vietnam needs to exploit its diversified service sector more effectively to maintain sustainable productivity growth. This requires reforms to improve service sector productivity and cross-sectoral contributions to serve productivity growth in the manufacturing and agricultural sectors.
“As one of the leading business connection units in the region through international conferences and exhibitions, RX Tradex Vietnam is honored to cooperate with the Japan External Trade Organization (JETRO) and the Department of Trade Promotion of the Ministry of Industry and Trade (VIETRADE) to bring the 'double exhibition' VME-SIE as an opportunity to meet and support the connection between manufacturers,” said Mr. Tai.
Mr. Takeo Nakajima, Chief Representative of JETRO in Hanoi, spoke at the event. (Photo: Van Chi) |
According to Mr. Takeo Nakajima, Chief Representative of JETRO in Hanoi, over the past decade (2013-2022), Japan's trade value with Vietnam has nearly doubled. Direct investment from Japan to Vietnam in 2022 increased by 12% compared to the previous year, reaching a value of 4,559 million USD. For Vietnam, Japan is a very important partner (ranking 3rd by country in terms of accumulated value and 2nd in terms of number of investment projects).
According to a survey by JETRO, the rate of purchasing raw materials, components, and spare parts by Japanese companies in Vietnam has increased from 28% 10 years ago to 37% in 2022. Although this rate has increased, it is still very slow compared to the economic growth rate of the two countries.
With the initiative to increase the localization rate, JETRO has organized SIE alternately in Hanoi and Ho Chi Minh City with the cooperation and support of the Vietnamese government. This project started in September 2003 with the high consensus of the leaders of the two countries. Starting in Ho Chi Minh City in 2004, this is the 10th time the exhibition has been held in Hanoi.
The exhibition on purchasing raw materials, components and spare parts (also known as the Vietnam - Japan Supporting Industry Exhibition) has been held directly (offline exhibition) in Hanoi from the past until now (in 2021, the exhibition will take place completely online).
Mr. Takeo Nakajima added that this year, 22 Japanese exhibitors are participating in the SIE booth area, wishing to purchase goods from local Vietnamese manufacturers. For Vietnamese exhibitors, the Organizing Committee has also selected 28 participating enterprises with the cooperation of co-organizer VIETRADE, and other agencies such as IDC (Industrial Development Center under the Department of Industry, Ministry of Industry and Trade) and VASI (Vietnam Association of Supporting Industries).
“Most of the selected businesses are potential manufacturers in the supporting industry, and will participate in displaying products and introducing their supply capacity at the exhibition,” Mr. Takeo Nakajima informed.
Not only Japanese enterprises but all foreign investors are interested in the automation process that has been penetrating the market, how the manufacturing industry and supporting industries can promptly change and create breakthroughs, helping Vietnam become a key industrial production center in the region, and how businesses can learn from each other to keep up with the trends of digital transformation and artificial intelligence that are gradually dominating the market.
Signing of cooperation agreement to organize the 10th Vietnam - Japan Supporting Industry Exhibition (SIE) in Hanoi and the 14th Vietnam Industrial Parts Manufacturing Technology Exhibition (VME). (Photo: Van Chi) |
Mr. Vu Ba Phu, Director of the Trade Promotion Agency, assessed that with the attention and promotion of support in terms of mechanisms and policies, Vietnam's supporting industry has achieved remarkable results. Notably, Vietnam currently has about 2,000 enterprises producing spare parts and components, of which only about 300 enterprises participate in multinational supply chains, creating jobs for more than 600,000 workers. The number of enterprises operating in the supporting industry sector currently accounts for nearly 4.5% of the total number of enterprises in the processing and manufacturing industry.
“The Ministry of Industry and Trade has also actively supported connecting domestic supporting enterprises with FDI investors through a series of trade promotion activities and connecting enterprises. The organization of the Vietnam - Japan Supporting Industry Exhibition is of great significance, supporting Vietnamese enterprises in the industry to enhance production capacity and connect with Japanese partners,” Mr. Phu affirmed.
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