The mechanical engineering industry serves many different fields, and mechanical engineering and machine manufacturing play an important role in the economy of many countries. So what is the future development trend of this industry? What is its current situation? Let's find out through the following article!
Current situation of the mechanical engineering and machine manufacturing industry in Vietnam
Revenue of the “machinery and equipment manufacturing” industry in Vietnam from 2012 to 2024
Determine the trend of the chart
Based on the chart, we can see that revenue of the “machinery and equipment manufacturing” industry in Vietnam from 2012 to 2024 is divided into 3 periods.
From 2012 to 2019, revenue of the “machinery and equipment manufacturing” industry in Vietnam continuously increased, with the strongest growth from 2016 to 2017.
However, from 2019 to 2020, revenue saw a relative decrease.
And then from 2020 to 2024, revenue of the “machinery and equipment manufacturing” industry in Vietnam continued to grow.
What are the causes of this trend?
- From 2012 to 2019, rRevenue of the “machinery and equipment manufacturing” industry in Vietnam continuously increased, with the strongest growth from 2016 to 2017. The reasons may be:
Promoting industrialization and modernization
The Vietnamese government is promoting industrialization and modernization, including the development of the machinery and equipment manufacturing industry. The government has issued many preferential policies and support for the machinery and equipment manufacturing industry, such as tax, credit, and land incentives, etc. These policies have created favorable conditions for machinery and equipment manufacturing enterprises to develop.
Government support
The Vietnamese government has issued many preferential policies and support for the machinery and equipment manufacturing industry, such as tax, credit, and land incentives, etc. These policies have created favorable conditions for machinery and equipment manufacturing enterprises to develop.
The development of science and technology
The development of science and technology has created many new, modern types of machinery and equipment to meet market demand. Vietnamese machinery and equipment manufacturing enterprises have proactively researched and developed new products to meet the needs of both domestic and international markets.
- However, from 2019 to 2020, revenue saw a relative decline due to the global COVID-19 pandemic.
- And subsequently, from 2020 to 2023 and forecast for 2024,the revenue of the “machinery and equipment manufacturing” industry in Vietnam has continued to grow as the economy has recovered, the world has vaccines against Covid-19, and economic activities have returned to normal globally.
Predicting future changes based on the chart
Overall, the machinery and equipment manufacturing industry in Vietnam has great development potential in the coming time. With government support and the efforts of enterprises, Vietnam's machinery and equipment manufacturing industry will continue to grow and make positive contributions to the country's socio-economic development.
Revenue of the “machinery and equipment repair and installation” industry in Vietnam from 2012 to 2024
Determine the trend of the chart
Based on the chart, we can see that rThe revenue of the “repair and installation of machinery and equipment” industry in Vietnam from 2012 to 2024 is divided into 2 periods.
- From 2012 to 2013,the revenue of the “repair and installation of machinery and equipment” industry in Vietnam showed a decreasing trend.
- From 2013 to 2023 and forecast for 2024, there is a strong upward trend, although from 2019 to 2020 there was a slight decrease.
What are the causes of this trend?
The “repair and installation of machinery and equipment” industry has shown an increasing trend over the years because the production of machinery and equipment in Vietnam has also tended to increase over the years. The more machinery and equipment there are, the greater the demand for repairs.
Predicting future changes based on the chart
According to the chart, we can predict that from 2024, the revenue of the “repair and installation of machinery and equipment” industry will continue to increase in line with the revenue of the machinery and equipment manufacturing industry in Vietnam.
Producer price index of machinery and equipment in the mechanical engineering industry in Vietnam from 2015 to 2022
Determine the trend of the chart
Based on the chart, we can see that the producer price index of machinery and equipment in Vietnam from 2015 to 2022 has remained stable over the years, with no sudden sharp increases or decreases.
What are the causes of this trend?
The domestic situation in Vietnam is peaceful, with abundant and stable natural resources, which is one of the factors contributing to the stability of the producer price index of machinery and equipment in Vietnam from 2015 to 2022.
However, alongside these positive aspects, the producer price index of machinery and equipment in Vietnam also has some limitations that need to be addressed, such as:
- Price gap between domestic and imported machinery and equipment: The price of domestic machinery and equipment is still higher than that of imported machinery and equipment. This makes it difficult for domestic manufacturers to compete with foreign enterprises.
- The quality of domestic machinery and equipment does not yet meet market requirements: Many types of machinery and equipment produced domestically still have low quality and do not meet the requirements of the domestic and international markets.
To overcome these limitations, there needs to be coordination between the Government, businesses, and consumers. The Government should continue to issue preferential policies and support for the machinery and equipment manufacturing industry; businesses need to improve product quality to meet market demand; consumers should choose to use domestically produced machinery and equipment whenever possible.
Predicting future changes based on the chart
In the future, if there are not too many significant economic or political events, the producer price index for machinery and equipment in Vietnam's mechanical engineering industry will remain stable.
What is the future for the mechanical engineering and machine manufacturing industry in Vietnam?
According to general forecasts and based on the chart, in the future, the machinery and equipment manufacturing industry will continue to be one of Vietnam's important industries, making a positive contribution to the country's socio-economic development.
However, businesses that want to develop in this industry still need to strive to keep up with the trends of the times through marketing and bringing their products to more potential customers.
Which company should you choose as a marketing partner for your mechanical engineering and machine manufacturing company?
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