In recent years, driven by China's domestic industrial transfer policies and the continuous rise in labor costs, domestic manufacturing enterprises have been increasing their investments in Southeast Asia. This has propelled significant development in the manufacturing sector of Southeast Asian countries. Southeast Asia boasts unique advantages in terms of labor costs, geographical location, and free trade agreements, attracting numerous international enterprises to establish a presence there and further fueling the prosperity of the manufacturing industry. As a major manufacturing hub in Southeast Asia, Vietnam has become the primary destination for many manufacturing enterprises expanding overseas.
Recently, the World Bank released its latest report on Vietnam's economy, indicating that Vietnam's export growth, domestic consumption, and investment have been further boosted. It is projected that Vietnam's economic growth rate will reach 5.5% in 2024 and gradually increase to 6% by 2025.
In the first five months of 2024, China maintained its position as Vietnam's largest import market, with a total trade volume of approximately 54.9 billion US dollars. The main imported products were raw materials for the manufacturing industry. In terms of imports of steel (a raw material for fastener manufacturing), from January to April 2024, China's cumulative steel exports to Vietnam reached 4.355 million tons, a year-on-year increase of 74.3%, accounting for 48.1% of China's total steel exports to Vietnam in 2023.
The rapid rise of the manufacturing industry and high-speed economic development have also exposed Vietnam's shortcomings in infrastructure construction, as well as the improvement of supply chains and industrial chains. To address this, the Vietnamese government has identified the development of a modern infrastructure system that advances in tandem with industrial growth as one of the three strategic breakthroughs for promoting sustainable development. Additionally, in response to the current development status of the manufacturing industry, Vietnam is actively building industrial supporting facilities and developing industrial clusters.
Both the construction of infrastructure and the development of industrial clusters rely heavily on the supply of a large number of fastener products. However, Vietnam's industrial foundation is relatively weak, and its equipment manufacturing sector is relatively underdeveloped. This presents opportunities for Chinese fasteners, mechanical parts, and other related products to enter the Vietnamese market.
In terms of fastener manufacturing and exports, the scale of Vietnam's fastener exports has been continuously expanding, with its products mainly exported to Europe, the United States, Japan, and other regions. Relevant data shows that in 2022, the scale of Vietnam's fastener exports was approximately 700 million US dollars, a year-on-year increase of 27.0%. Moreover, amid the continuous escalation of Sino-US trade barriers, there is further room for growth in Vietnam's fastener export market.
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產業轉移政策 (industrial transfer policies)：Government-led policies that guide the relocation of certain industrial sectors from regions with high costs (e.g., developed areas in China) to regions with lower costs or greater development potential (e.g., Southeast Asia).
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緊固件 (fasteners)：Mechanical components used to connect or fasten parts, such as bolts, nuts, screws, and washers, widely applied in manufacturing, infrastructure, and equipment assembly.
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產業集群 (industrial clusters)：Geographical concentrations of interconnected enterprises, suppliers, and supporting institutions in a specific industry, designed to enhance efficiency, reduce costs, and promote innovation.
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貿易壁壘 (trade barriers)：Government-imposed measures (e.g., tariffs, quotas, technical standards) that restrict international trade, often used to protect domestic industries.
