German Machine Tool Builders’ Association (VDW) recently announced that Germany will debut high technologies and new solutions in metalworking at METALEX 2019 as Germany Partner Country. The collaboration will bring numerous opportunities to ASEAN countries, including Vietnam.
ASEAN can be seen as a young, dynamic and increasingly integrated market with impressive synergy and potential long-term growth prospects, which attracts a huge attention from German manufacturers. More and more production is being generated in the ASEAN region or being relocated from other markets into the ASEAN region. For the most part, these trends emerge from the automotive and automotive supply industries, electronics, shipbuilding and general machinery construction. Vietnam is ranked as the fourth biggest market among ASEAN countries for the German manufacturers, following Thailand, Indonesia and Singapore.
In terms of growth rate, ASEAN economy is the third fastest growing economy in Asia after China and India, with a huge market value at 3 billion euros, setting ASEAN a highly competitive region with equitable economic development. Vietnam, together with Thailand, are the key drivers for the enhancement. In particular, Vietnam has been anticipated by Standard Chartered that will remain the fastest-growing ASEAN economy throughout 2018 with a GDP growth rate of 7.0%.
Among export markets for the German machine tool industry, ASEAN as a total region is ranked seventh. The two biggest markets in the region – Vietnam and Thailand – are also major export markets for the German automotive industry, ranking 14th and 16th respectively. Overall, it is clear that Asia – with China as the biggest export market, followed by Japan, South Korea and ASEAN – is a major export region for the German machine tool industry.
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