Vietnam mechanical industry has played a tremendously important role in renovating the country. Along with other areas of the national economy, Vietnam mechanics provides a means to develop new kinds of products of a quality that effectively, efficiently, and economically meet the needs of economic development, including serving the people’s consumptive needs. Export is another emphasis associated with Vietnamese mechanical products. Decision No. 186/2002/QD - TTG was described on December 26, 2002 by the Prime Minister, in the context of the approval of the development strategy of Vietnam mechanics by 2010 and vision 2020, thusly: The mechanical area serves as one of the key foundation industries, having an important role in developing the economy and strengthening national security.”
Vietnam mechanical industry, from 2000 thru the present, flourished. While during the period of 1990-1995, mechanical products met only about 8-10% domestic demand, in 2000-2007 mechanics had to meet 40% of domestic demand, a staggering improvement. Some of the mechanical production is for export with average annual revenue of 1 billion dollars. Developing countries now are not the only importers of Vietnamese mechanical products, for industrialized countries such as the U.S., UK, and Germany also are snapping them up!
In the latter regard, business associations of Vietnam mechanical industry have set forth developmental goals for the period of 2010-2020, one whereby 45-50% of its production will be exported, up from the present 30%.
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