The 1st Vietnam International Machinery Fair

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The 1st VIMAF is anticipated to play a role as a strategic marketing platform to lead diversification of the general machinery export markets.

 

The 1st Vietnam International Machinery Fair (VIMAF) will be held at the SECC Exhibition Center in Ho Chi Minh City, Vietnam, from December 12 (Wed.) to 14 (Fri.). It is expected to act as a strategic marketing platform to lead diversification of the general machinery export markets. Three hundred booths (4,400m²) of a total of 100 companies worldwide will be installed and manned.
Domestic and overseas exhibitors will display metal working and mold related equipment, automated instruments, construction and mining machinery, plant apparatus, textile machinery, farming machinery, rubber plastic, tools, hydropneumatic equipment, general industrial machinery, parts, materials, etc. in this fair.
This fair is hosted by the Korea Association of Machinery Industry (KOAMI) and COEX and supported by the Ministry of Trade, Industry and Energy and KOTRA in Korea and by the Vietnamese Ministry of Industry and Trade and Vietnamese Association of Machinery Industry in Vietnam.
In this fair, export consultation meetings will be held in the seminar room of the exhibition center from December 13 (Thu.) to 14 (Fri.) for Korean participants and Vietnamese buyers/agencies. In these export consultation meetings, 1:1 consultations will take place. Furthermore, a specialized conference hosted by the Ho Chi Minh City Office of the Korea Institute of Industrial Technology will be held from December 12 (Wed.) to 13 (Thu.).
There are many driving forces behind this 1st VIMAF. It is being promoted amidst Vietnam’s rise as the most powerful alternative to post-China since China has become a less attractive destination for investment due to high wages and costs and declining economic growth. While foreign investment enterprises keep investing more in the Vietnamese manufacturing industry, their parts and materials procurement rate is under 30%. They are desperately in need of higher-value added by attracting investment in the entire manufacturing industry. Therefore, the Vietnamese government is taking active steps for development of the parts/materials industry to improve the nation’s industrial competitiveness. Vietnamese government’s policy to develop the parts/materials industry works as a green light for Korean manufacturing companies including the machinery industry and the electricity/electronics industry to enter the Vietnam market.


Currently, general machinery export of South Korea is heavily weighted toward China and the United States. So, there is an urgent need to diversify export markets and to establish a strategic marketing platform in new machinery markets in Southeast Asia. Accordingly, the timing of this fair is very opportune. The machinery industry is the basis of national competitiveness and a core industry of the manufacturing industry which has a significant front and back relating effect.
For these reasons, it is expected that dominating promising new markets, such as Vietnam for instance, in advance will surely help expand the basis for Korean small-and medium-sized enterprises’ advances into foreign markets.
While South Korean companies are losing ground in the global markets due to China and America’s protectionism and strengthened support for their own companies, this fair will not only be a proper response to this challenging environment, but also give them added impetus to conquer other markets.
VIMAF will assist Korean companies to combat this recently hardening commercial pressure by the G2 and to maximize export potential by expanding the Korean machinery export market to ASEAN ― with Vietnam as a base ― in the long-term. Thus, this fair is expected to raise Korea’s economic growth and global competitiveness.

korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods

Korean Exhibition Industry Maintains Its Fame As a “Golden Goose”

https://korean-machinery.com///inquiryThe exhibition industry, often referred to as a “Golden Goose,” is attracting worldwide attention. Korea’s MICE (Meetings, Incentives, Conventions, and Exhibitions) industry also seeks to revitalize the exhibition industry through a project plan to expand the infrastructure such as the construction of the COEX Jamsil and the 3rd KINTEX exhibition center.
Combined with cultural heritages accumulated over thousands of years and exciting modern attractions, state-of-the-art convention facilities and affordable accommodation, Korea’s MICE industry makes the country one of the fastest emerging MICE destinations in the world.
According to the results of the Korea Exhibition Industry Statistical Survey (2016) published by the Association of Korea Exhibition Industry (AKEI) on September 28, 2017, a total of 568 exhibitions were held in Korea in 2016. The average number of exhibitors was 151 and the average number of visitors was 13,388. This indicates an increase in the number of exhibitions, average exhibition area, and average number of visitors compared to 2015. In particular, the number of exhibitors increased. In addition, the domestic organizers’ overseas expansion showed a significant increase compared to that of previous years. The total sales of the industry in 2016 totaled KRW3.454 trillion, exceeding the KRW 2.11 trillion of the flourishing film industry in Korea.

For convention and exhibition organizers, as well as business travelers, this month’s Korea Buyers Guide covers major exhibition centers in Korea and how they are being better-equipped for international conventions and exhibitions.

korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods