By adding Australia, India, and New Zealand to the ASEAN+3 group (ASEAN plus China, Japan, and South Korea), the ASEAN+6 framework produces a group with a number of significant merits, including a larger market scale and increased resource supply capacity. Considered as an international specialized exhibition for manufacturing and displaying machine tools, including to providing metalworking solutions, Metalex Vietnam 2016 will be held on 6 – 8 October and marks up its 10 years in Vietnam market.
This exhibition centers on connecting and tightening up business and trade activities among companies operating in ASEAN+6 and international partners, contributes to impetus Vietnam’s industry in intergation path.
The ASEAN Economic Community (AEC) is in the process of creating a single market and production base. “ASEAN was seventh largest in the world with a combined gross domestic product of $2.4 trillion in 2013. It could be fourth largest by 2050 if growth trends continue”, Mr. Stephen Groff, Vice-Presiden of Asian Development Bank said.
Indeed, the center of global economic gravity is shifting toward Asia. The convergence of these 2 giant “economic size” countries like India and China, adding with 4 leading technology countries as Japan, Australia, New Zealand, and South Korea to ASEAN has created a great commitment to provide and support an integrated framework for cooperation, facilitation and liberalization.
Ms.Kasinee Phantteeranurak, Project Manager of Reed Tradex Co., Ltdstressed the importances of AEC as well as ASEAN +6 to Vietnam: “According to ASEAN Secretariat, ASEAN+6 occupies 49% of the world’s population. With US$ 10.14 trillion of value, ASEAN+6 catches 28% of world’s trade. This is a huge achievement for all countries involved and provides for a stepping stone for further integration. In addition, through separate Free Trade Agreements (FTAs) between ASEAN and each of the major economic partners and the Regional Comprehensive Economic Partnership (RCEP), Vietnamese exports will also receive a 0% tariff treatment in the markets of China, Japan, Korea, India, Australia and New Zealand. Hence, Vietnamese firms will be able to penetrate deeper into the global and regional production and supply chain. The inflow of investment will come with new technology, up to date methods of management, foreign currencies, and the increase in opportunities for entering new foreign markets.”
The important for Vietnam’s manufacturer to engage effectively to AEC and ASEAN+6 has been shared at Vietnam Supporting Industries Forum which is one of the activities inside Metalex Vietnam 2016, conducted on 15 June 2016 in Ho Chi Minh City, there was the participation from government part, specialist organizations and private enterprises. Mr. Bui Van Quyen, Assistant to Minister of MOST and Director of West South Region Project, shared: "On the overall scale, economic integration to AEC and and ASEAN + 6 will force Vietnam’s DP to increase 14.5% and increase e10.5% for employment in 2025, according to the data from has-been-updated research from International Labour Organization (ILO) and ADB. While there is the master plan for Vietnam’s industrial development to 2025 which was announced by Ministry of Industry and Trade, with a focus on electronics and telecommunications; industrial processing and manufacturing; and new energy sources. This is the great moment for Vietnam’s manufacturer to catch up this opportunity. But this can only be achieved if there is an aggressively management to implement effectively. Vietnam's economy grew at high speed, but mainly by the width and not focused on depth; there is the need to focus on developing the integration capabilities, skilled human resources, engineering and technology."
Mr. Nguyen Thanh Binh, Director of Business Information Center, Vietnam Chamber of Commercial and Industry (VCCI), said: "For Vietnam, the proactive participation in AEC and ASEAN+6 will bring great opportunities including faster economic growth, better job generation and additional foreign direct investment (FDI) inflow, especially in manufacturing field along with the rich resources of neighborhood countries, including the opportunities to enter more new markets abroad. One way to sustainable develop manufacturing industry is the consolidation and expansion of supporting industries. Recently, Vietnam has the potential grown in demand for spare parts and components happened from the increasing number of investment from FDI companies, therefore, the first step need to implement is controlling the balance of market’s demand – supply. The manufacturers should take advantage to produce the products which in high demands as this time (e.g. spare parts, plastic accessories, and metal components) and increase localization. The supporting industry which looks easy but it needs technical skills of high quality. Investment in technologies with long-term vision is a necessity at this time to gain economies of scale in the domestic market and to expand into foreign markets in a sustainable way ".
Come back this forthcoming 6 – 8 October, at Saigon Exhibition and Convention Center (SECC), Ho Chi Minh, Metalex Vietnam 2016 will be designed with more specialization contents and focus to tighten the business connection among the local manufacturers, and also among the companies and investors from ASEAN and ASEAN+6. With over 500 brands from 25 countries, especially there will be the participant of 7 economic clusters or 7 international pavilions from Japan, Singapore, Korea, India, Thailand, Taiwan and China.
In addition to all these present of high applicability machines which can answer the right needs of production in Vietnam, the organizer - Reed Tradex set a quite clearly mission to focus on create more tighten connection among the exhibitors and visitors right at the exhibition. Proceeding the well preparation for the show, Reed Tradex has begun to directly meet the manufacturer in Vietnam and abroad to get the demands, gather product’s information, production ability as well as the investment calling, by that the organizer can do the business match making efficiently. This is open-program and support without any fee for all delegates who interest.
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