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According to reports, currently Japan and China’s machinery products account for the major markets in Vietnam. China’s machinery is inexpensive and easy to transport, so Chinese machinery has become the first choice for Vietnam. According to Vietnam's relevant estimates, by 2010, the average annual mechanical market demand in Vietnam will reach approximately US$7 billion. Vietnam’s machinery industry plans to introduce foreign capital to accelerate its development. Its annual output value will increase by 14% to 15% in 2005, and it will reach 40 in 2010. %, equivalent to 2.8 billion to 3 billion US dollars.
In August of this year, the Vietnam Ministry of Finance promulgated the latest preferential tariff rate for imported goods. The import tax on footwear industry machinery is zero, and the import tax on construction machinery (5% for road rollers under 20 tons) is zero. The tax number is from 8432 to 8437. The import tax rates for agricultural and forestry machinery are 0%, 5% and 20% respectively.
China's spare parts are very popular in Vietnam. In order to reduce the cumbersome details of customs clearance, many people can even turn tractors and trucks into parts and put them in pockets to sell in Vietnam to earn the difference. This is mainly due to the fact that most of the machinery manufacturing companies currently investing in Vietnam are small and medium-sized enterprises. Their products are mainly ordinary mechanical spare parts and do not form a climate. Foreign brand machinery and equipment are still welcomed by Vietnamese users. According to experts, Vietnam’s machinery technology is at least 50 years behind the world’s advanced level and 20 years behind other Southeast Asian countries.
In view of the lack of consumer confidence in local machinery purchases, Vietnam Mechanical Engineering Company prefers to sign mechanical purchase contracts or import contracts with foreign companies. According to industry sources, the current bottleneck in Vietnam's machinery engineering industry is not easy to break through, and domestic sales are sluggish, while foreign machinery imports account for 50% of Vietnam's total imports.
At present, Vietnam’s demand for machinery and technology is very strong, and Vietnam’s domestic industry is still in its infancy and cannot meet the needs of social development. More than 90% of machinery and equipment need to rely on foreign imports, which is positive for Chinese machinery companies. It is a rare opportunity for development.