2:10:40 PM | 19/12/2006
The Association of Vietnamese Mechanical Businesses and the Vietnam Steel Association co-hosted a 4-day long Vietnam metallurgy and mechanical engineering exhibition-cum-fair, the first of its kind Thursday in Hanoi with participation of 100 domestic and foreign companies including Lilama, Vinashin, Vietnam Motors Industry Corp, Vinacomin.
Products on display include diesel engines; mechanical, electrical and agricultural equipment; steel and cast iron products; in addition to automobiles and spare parts.
The exhibition is aimed to help boost trade and economic ties between Vietnam and other countries, facilitate the development of the sector in their integration into the world economy.
Vietnam needs to invest more in metallurgy industries, if not; the industry cannot develop well due to shortage of input metal materials, Nguyen Van Thu, Chairman of the Vietnam Association of Mechanical Industry (VAMI) said.
Vietnam now imports ten billion US dollars of machineries, and is estimated to hit $20-30 billion by 2010 and 2020, respectively meaning the Southeast Asian country has to face leakage of investment capital, Thu noted.
To reduce its reliance on imported machinery, the Vietnamese government should work out development policies for the sector and supporting industries, Thu said, urging privatization of mechanical enterprises to mobilize capital investments.
Speaking about the key mechanical development programs adopted by the Vietnamese government, Thu saw great achievements of the industry with eight major mechanical products.
The fair is scheduled to last till Dec 17 at the Hanoi Friendship Culture Palace. (Vietnam Economic Times, VNA)
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