analytica Vietnam 2015: Vietnam's economy continues to grow

17-Apr-2014 - Viet Nam

According to Germany Trade & Invest (GTAI), the German association for foreign investment and location marketing, Vietnam plans to become a modern industrial nation by the year 2020. In addition, the southeast Asian threshold country is currently negotiating free trade agreements, amongst others with the EU and the United States. The result could be another reduction in customs duty rates—good prerequisites for exhibitors at analytica Vietnam, which takes place at the Saigon Exhibition & Convention Centre in Ho Chi Minh City from April 15–17, 2015.

After the government's comprehensive reform efforts in 2012, Vietnam's economy has now stabilized. Higher investments and real growth between 5.4 and 5.8 percent per year are expected. Development of the chemicals industry is extremely important to the Vietnamese government. According to GTAI, approximately 12 percent of the country's total industrial yield is generated by the production of chemical products and detergents, cleaning agents and fertilizers in particular. Ongoing investments in large petrochemical projects are expected in the future.

Vietnam is also one of the most rapidly growing pharma markets in Asia: According to the Vietnamese Ministry of Health, Vietnam's pharmaceuticals market was worth nearly three billion US dollars in 2012 alone. Growth of more than 20 percent is expected between now and 2017. However, right now Vietnam imports approximately 90 percent of the raw materials that it needs to manufacture these pharmaceuticals. According to the Vietnamese Ministry of Health, 80 percent of demand for pharmaceuticals should be covered by domestic production by the year 2020.

In another step, the Vietnamese government has come up with a master plan to develop its biotechnology sector. Its main objective is to also continue promoting the sectors for agriculture, forestry and fishing as well as environmental protection and healthcare between now and 2020.
Meanwhile, demand for food from Vietnam remains high—according to GTAI, this export sector accounts for more than 20 percent of the country's entire industrial production. As a result of the food safety law that went into effect in July 2011, demand for modern laboratory and analysis equipment continues to grow.

To reach its targets and measures for the next few years and respond to the market's needs, Vietnam relies on investments in efficient technologies and high-quality equipment. Interested companies can introduce themselves to the industry at the fourth analytica Vietnam from April 15–17, 2015.

analytica Vietnam is organized by IMAG, a subsidiary of Messe München, together with private and government partners.

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