Goal “Connect for Development”
VIMEXPO 2024 marks the 5th edition with the goal of “Connecting for Development”, continuing to affirm its role as a prestigious event for the supporting and manufacturing industries in Vietnam. The exhibition is expected to attract about 300 domestic and foreign enterprises to exhibit on an area of 7,000m², spanning across fields such as automobile assembly and manufacturing, high technology, electronics, mechanical engineering and related industries.
A representative of Thanh Cong Hwashin, one of the exhibiting companies, said that VIMEXPO 2024 is an ideal opportunity to connect with major manufacturers and find quality sources of supply. Thanh Cong Hwashin was established in 2020, operating in the field of manufacturing and processing auto components, with a capacity of up to nearly 100,000 sets of components per year.
“We own more than 600 high-tech machines and equipment, which help optimize the production process and are currently supplying high-quality body kits to Hyundai Thanh Cong Vietnam Factory. We believe that VIMEXPO 2024 is a typical playground for the supporting industry in Vietnam, where we seek top supplies,” said a company representative.
New opportunities from FDI investment wave
In the context of production shifting and global supply chain diversification, Vietnam is considered one of the top destinations for international corporations to invest and seek suppliers. This is a great opportunity for domestic supporting industry enterprises.
In addition to improving production and capacity, Vietnamese enterprises need to be more proactive in connecting and cooperating to build a comprehensive supply chain to meet the high requirements of large manufacturers.
End-to-end manufacturers today are not only looking for suppliers who can supply individual components, but also partners who are capable of completing the entire multi-component component chain. Therefore, the development of competitive supply chains and cooperation among domestic supporting industry enterprises is a key factor to maintain their position in an increasingly fierce market context.
On January 17, 2024, Deputy Prime Minister Tran Hong Ha signed Decision No. 71/QD-TTg, amending and supplementing a number of articles of Decision No. 68/QD-TTg on approving the Supporting Industry Development Program from 2016 to 2025.
Accordingly, from 2021 to 2025, the program focuses on connecting and supporting supporting industry enterprises to become product suppliers for domestic and foreign customers, while promoting foreign investment in the supporting industry sector. Main activities include: Surveying and assessing market demand, developing product quality control standards, organizing forums between domestic and international enterprises, and supporting supporting industry enterprises to apply management systems that meet the requirements of the global supply chain.
It is expected that the total cost of implementing the program in the 2021-2025 period will be VND 870.7 billion, of which the State budget will account for VND 750.2 billion, and the rest will come from other sources.
VIMEXPO 2024 is not only an opportunity for businesses in the industry to meet and exchange experiences, but also a prestigious playground to help Vietnamese businesses gradually improve their position in the international market. With advantages in development policies and support from the Government, the exhibition promises to continue to be a launching pad for Vietnam's supporting industry to reach out to the world, becoming an important link in the global supply chain.
