Smart Vietnam Leads the Charge in Enhancing Vietnam’s Manufacturing Competitiveness

Challenges in Vietnam’s Manufacturing Industry

Cao Văn Hùng, Director of International Market Development at Smart Vietnam, highlighted several critical challenges facing Vietnam’s mechanical engineering and manufacturing industries.

Cao Văn Hùng, Director of International Market Development at Smart Vietnam

• Technological Limitations: Many Vietnamese enterprises remain limited to basic processing and assembly tasks, lacking advanced technologies for high-value production. This results in low productivity and high dependency on imported components, ultimately reducing competitiveness.
• Underdeveloped Supply Chains: The domestic supply chain is incomplete, leading to a reliance on imported raw materials and higher production costs. Additionally, the absence of large-scale, industry-leading enterprises weakens the sector’s overall strength.
• Limited Research and Development: A lack of investment in R&D has hindered innovation and the ability to meet global standards, leaving Vietnamese companies struggling to compete in high-value markets.

Trade Promotion as a Strategic Solution

The seminar highlighted trade promotion as a critical tool for addressing these challenges and unlocking new growth opportunities. The following solutions were discussed:

• Government Support: Policies prioritizing the use of locally manufactured products in economic projects aim to reduce import dependency and stimulate domestic production.
• Global Market Access: Free Trade Agreements such as the EVFTA and CPTPP have provided Vietnamese enterprises with preferential access to international markets, encouraging export growth.
• Technological Advancement: Embracing technologies from the Fourth Industrial Revolution allows companies to improve operational efficiency and product quality while meeting evolving customer demands.

Smart Vietnam’s Strategic Response

Smart Vietnam has been proactive in implementing strategies to overcome these challenges and seize emerging opportunities:

• Advanced Technologies: The company has heavily invested in high-power laser cutting machines and other modern equipment to improve production efficiency and ensure high-quality outputs.
• Skilled Workforce Development: Smart Vietnam emphasizes training and upskilling engineers and workers to meet international standards, ensuring competitiveness in demanding markets.
• Trade Promotion Activities: By participating in international trade fairs and forging strategic partnerships, Smart Vietnam has expanded its market reach and strengthened its global presence.

A Vision for the Future

Smart Vietnam remains committed to driving innovation and fostering sustainable growth within the manufacturing sector. By addressing key challenges and leveraging trade promotion opportunities, the company aims to set a benchmark for excellence in Vietnam’s mechanical engineering and manufacturing industries.

The seminar emphasized the importance of collaboration between manufacturers, policymakers, and trade organizations to build a competitive manufacturing ecosystem. As a leading player, Smart Vietnam continues to be a catalyst for the industry’s growth, contributing to Vietnam’s emergence as a global manufacturing powerhouse.