Vietnam Industrial Machinery Market

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Major Vietnam Industrial Machinery Market Drivers

Vietnam industrial machinery market is forecast to post a high compound annual growth rate (CAGR) of 8.5% between 2024 to 2031, owing to rapid industrialization, urbanization, population increase, infrastructure and logistics advancement, and growing demand for modernization and automation of production procedures. For many years, India and China have been the main players in the industrial machinery market in the Asia Pacific region. However, Vietnam has increasingly become a significant player during the present years. In certain cases, sourcing industrial machinery from Vietnam may benefit more than from China.

Vietnam holds a distinct benefit over other countries owing to its variety of skills available for manufacturers to adopt. While China fosters industrial advancement, choices including Vietnam, Cambodia, and Bangladesh exist. Among these, Vietnam stands out for its diversity, catering well to the requirements of businesses. Vietnam traded different products such as headwear, footwear, metals, food and beverage, garments, machinery, and textiles.

The government plans to spend USD 5 billion to construct the North-South expressway, focusing on enhancing the country’s road infrastructure. Presently, positioned 39th across the globe, Vietnam’s infrastructure trails only behind China in the group of countries, holding the 26th position. Comparatively, Cambodia, Bangladesh, India, and Indonesia are ranked 46th, 100th, 44th, and 98th respectively. Improved infrastructure will facilitate easier admittance to manufacturers and faster, more proficient transportation of goods.

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In addition, starting a business in Vietnam is easier compared to China. World metrics show that China is positioned at 46th in this regard, while Vietnam holds the 69th rank. Furthermore, Vietnam is among the 34 countries that presented significant improvement between 2018 and 2019, specifically in areas such as contract enforcement, taxes, and decreasing the cost of starting a business. These factors collectively contribute to a favorable environment for businesses to function in Vietnam.

Vietnam is increasingly viewed as an industrial hub, particularly owing to its seamless transition from China. For instance, Samsung, invested USD 17.3 billion over the last decade to establish eight new factories and an R&D center in Vietnam. This ease of investment, coupled with Vietnam’s rapid growth, makes it an attractive destination for businesses looking for expansion opportunities.

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Also, favorable policies, specifically concerning tax benefits for infrastructure projects, are projected to raise construction activities across Vietnam. In addition to this, the growing demand for earthmoving equipment is projected to generate opportunities for market players in Vietnam’s industrial machinery, propelled by rising urban population. The rising adoption of capacity augmentation within the cement industry is projected to propel market growth in the forecast period, thereby driving the overall growth of the industrial machinery market in Vietnam.

Segments covered in the Report:

The Vietnam Industrial Machinery Market has been segmented on the basis of Application. Based on the Application, the market is segmented into Construction, Agriculture, Packaging, Mining, Food processing, Semiconductor manufacturing, Others.

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Market Segmentation

Vietnam Industrial Machinery Market by Application

• • Agriculture
  • Construction
  • Packaging
  • Food processing
  • Mining
  • Semiconductor manufacturing
  • Others