Looking for business opportunities
From December 5 to 7, 2024, the 3rd International Elevator Exhibition - Vietnam Elevator Expo 2024 will take place at the Saigon Exhibition and Convention Center (SECC), within the framework of the Vietnam International Trade Fair (Vietnam Expo).
According to the Organizing Committee of Vietnam Elevator Expo 2024, the scale of this year's exhibition increased by 30% compared to the previous one, with the participation of 100 domestic and foreign enterprises, present at 120 booths. The event gathered many prestigious elevator brands from countries with strongly developed elevator industries such as India, Germany, Japan, Korea, Spain and China.
Notably, the Vietnam Elevator Expo 2024 has recorded more than 60 Chinese enterprises in the field of elevators, escalators and related fields registering to participate. All of these enterprises are looking for new business opportunities and are particularly interested in Vietnam.
According to statistics from the Vietnam Elevator Association, Vietnam currently has about 400,000 elevators in operation, with the demand for new elevators forecast to reach 35,000 - 40,000 units/year to serve new construction and replacement. It is expected that by 2045, the number of elevators in Vietnam will reach 1 million units, opening up great opportunities for domestic and foreign enterprises.
Mr. Zhang Lexiang, Secretary General of the China Elevator Association, shared: “Although Chinese enterprises have not really invested heavily abroad, in the context of the domestic real estate industry (PV - China) slowing down, expanding to potential markets such as Southeast Asia, Central Asia and Africa is an inevitable strategy.
Among them, Vietnam emerges as an attractive destination thanks to its stable economic growth, large market potential and cultural similarities.”
He also emphasized that through Vietnam Elevator Expo 2024, Chinese enterprises will have the opportunity to better understand the Vietnamese market, thereby promoting bilateral cooperation, contributing to the sustainable development of the elevator industry of both countries.
Expanding competitiveness and deeper participation in global supply chains
Assessing the growing interest of Chinese enterprises in the Vietnamese market, Mr. Nguyen Huy Tien - General Secretary of the Vietnam Elevator Association said that China currently supplies more than 1 million elevators to the market each year, mainly serving the domestic market. However, this supply is under great pressure due to the freezing of the domestic real estate market.
“A series of policies have been introduced such as replacing old elevators (over 15 years old) or equipping old buildings (built before 2000) that do not have elevators, and exporting is their top priority, including the policy of moving factories out of China,” said Mr. Nguyen Huy Tien.
Although exports only account for about 10% of China's elevator output, Mr. Nguyen Huy Tien said that this is still a large room for development. China's key markets include Russia, the Middle East, and Southeast Asia, of which Vietnam has emerged as a potential destination thanks to its favorable geopolitical location and strong demand for elevators.
The General Secretary of the Vietnam Elevator Association also emphasized that Vietnamese elevator enterprises need to be ready to face this trend and take advantage of the opportunity to elevate the domestic elevator industry and integrate into the globalization trend.
“This is the time for us to continue the success story from the 90s when we opened up the elevator industry, turning Vietnam into a developed country in this field,” he affirmed.
According to the Organizing Committee of Vietnam Elevator Expo 2024, thanks to the open and transparent investment environment and the outstanding development potential of the elevator industry, this year's exhibition not only attracts a wave of Chinese enterprises but also gathers enterprises from many other countries and territories, including the US, Japan, Korea, India, Thailand, etc. International enterprises are actively seeking investment opportunities and expanding operations in Vietnam through this exhibition.
In addition, with the spirit of spreading Vietnamese brands and conquering domestic consumers, Vietnam Elevator Expo 2024 is also a playground for many Vietnamese elevator and accessory businesses, typically Mekamic, Thien Nam, Sang Nghiep, Thuan Anh, iTek, Gama Service, Thien Long Nam, Hoang Vu...
This is an opportunity not only for domestic enterprises to affirm their position but also to connect deeply with international partners, expand their competitiveness and participate more deeply in the global supply chain.
