Finding trends for the mechanical industry, creating new development momentum

On June 13, the 19th international exhibition and conference on precision mechanics and manufacturing, supporting the development of Vietnam's mechanical industry, held a press conference to introduce it.

The event was held at the Saigon Exhibition and Convention Center (SECC) from July 4 to July 7 to create a forum for domestic and foreign businesses to seek potential partners, connect extensively in business and access the latest technological innovations.

According to the organizers, the global precision machinery market is estimated to reach 19.27 billion USD by 2028, with a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028, showing that the development space for the machine tool and precision engineering manufacturing industry is extremely large. In particular, the brightest spot is precision engineering for the automotive, electronics, energy and aerospace industries in the Asia-Pacific region.

With the determination to recover and develop the economy, in 2022, Vietnam has prospered in most areas. The GDP index in 2022 increased by 8.02%, the highest growth rate in the past 12 years. In particular, the processing and manufacturing industry - the growth engine of the entire economy with a growth rate of 8.1% must be mentioned.

According to forecasts, the market size of Vietnam's mechanical engineering industry in the period of 2019 - 2030 is about 310 billion USD. Of which, the value of machinery, equipment, and components for thermal power, hydropower, chemical, mining, and mineral processing projects is about 120 billion USD; construction, agricultural, and agricultural and forestry processing machines is about 15 billion USD; standard equipment such as fans, engines, and hydraulic equipment is about 10 billion USD; the value for high-speed railway equipment is about 35 billion USD; urban railway is 10 billion USD and the automobile industry (120 billion USD).

Mr. BT Tee – General Director of Informa Markets Vietnam shared: “To meet the demand for a better quality production process, this event strives to realize two tasks. One is to create a space for businesses to access the most advanced machine tools and mechanical products. The other is to update the latest industry trends to build a smart production in the future”.

With an exhibition area of up to 13,200m2, MTA Vietnam 2023 is expected to welcome more than 260 exhibitors, out of a total of 320 participating units from 13 countries and territories, and attract more than 12,000 visitors.

Source