The 2024 Supporting Industry Show to open in October

RX Tradex Vietnam – the organizer of “METALEX Vietnam 2024” has formally entered into a partnership with the Japan External Trade Organization (JETRO) in Ho Chi Minh City, the Investment and Trade Promotion Center (ITPC), and the Ho Chi Minh City Center for Supporting Industries Development (CSID). This partnership aims to jointly host the 23rd edition of the “Supporting Industry Show 2024 – Supporting Industry Exhibition 2024” along with “METALEX Vietnam 2024” exhibition.

The press conference was held on August 2 in Ho Chi Minh City, informing details about the shows

The international event is dedicated to displaying cutting-edge machinery, innovative technologies, and advanced solutions pertinent to the supporting and metalworking industries. It also facilitates business networking among Vietnamese, Japanese, and global enterprises. Scheduled for 3 days (October 2-4), these exhibitions are anticipated to attract over 15,000 discerning visitors coming to Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City.

“Supporting Industry Show 2024” is a prominent exhibition originating from the "Japan - Vietnam Joint Initiative" established in 2003 through a high-level agreement between Japan and Vietnam, aimed at improving Vietnam's investment landscape and enhancing cooperation in the supporting industry under the "Vietnam - Japan Economic Partnership Agreement (VJEPA)". This event not only facilitates interactions between domestic and Japanese businesses but also serves as a crucial platform to elevate the quality and global competitiveness of Vietnam's supporting industry.

Vu Trong Tai, General Manager of RX Tradex Vietnam, said: “Vietnam is vigorously implementing innovative policies to accelerate production and integrate into the global supply chain. The UN forecasts a 6.0% growth rate for Vietnam in 2024, up from 4.7% in 2023. The World Bank positions Vietnam at 68th on the Ease of Doing Business Index. With 16 free trade agreements (FTAs), Vietnam offers high-value chains to industrialists, thus attracting substantial foreign investment. Per reports from the General Statistics Office, the industrial production index climbed by 8.5% in the first seven months of 2024 compared to last year, with the manufacturing and processing sector growing by 9.5%, of which electronics is a primary component. Vietnam is becoming a focal point for new investments in sectors such as semiconductors, artificial intelligence, and high-tech industries. Consequently, our Metalex Vietnam 2024 exhibition is set to continue its pivotal role as a global supply platform, featuring 350 brands from 20 countries, and showcasing the Japan Pavilion along with other national pavilions to provide advanced technologies that meet elevated production standards.”

Matsumoto Nobuyuki, Chief Representative of JETRO, said: “Vietnam remains a highly attractive destination for Japanese investments. A recent survey indicates that 56.7% of Japanese companies in Vietnam plan business expansion in the next 1–2 years, with 47.1% in the manufacturing sector. As of June 2024, Japanese investment capital in Vietnam reached 1,225 million USD, a 2.1-fold increase from the previous year, making Japan the 3rd largest investor in Vietnam, or 2nd when including capital contributions. The localization rate of Japanese firms in Vietnam expanded to 41.9% in 2023, up by 4.6 points from 2022, the second-highest growth rate among ASEAN countries. The proportion of local purchases by Japanese companies increased to 17.2%, up by 2.2 points year-on-year. Looking ahead, 43.2% of Japanese firms plan further localization in Vietnam, significantly above the ASEAN average of 28.8%.”

The “Supporting Industry Show 2024” is part of the International Exhibition on Machine Tools and Metalworking Solutions - METALEX Vietnam 2024, with JETRO bringing 18 Japanese companies in Vietnam as buyers and 20 Vietnamese companies as suppliers, promising ample opportunities for high-value trade negotiations and partnerships. This event also provides Vietnamese SMEs with access to advanced Japanese technologies, enhancing their production capabilities and product quality, learning from Japanese management, and technical, and strategic expertise, thereby increasing their competitiveness globally.

Matsumoto Nobuyuki added: “JETRO alternates the Supporting Industry Show annually between Ho Chi Minh City and Hanoi to foster the development of the supporting industry and increase the localization rate of Japanese enterprises in Vietnam. This year marks the 23rd event in Vietnam and the 12th in Ho Chi Minh City. This year’s exhibition will distribute the "The Potential Vietnamese Companies in Southern Vietnam" and "Japanese & Foreign Supplier in Southern Vietnam" books free of charge, providing valuable industry-related information. Additionally, trade negotiations will not be restricted to exhibiting companies but will be expanded to include all visiting businesses, promoting extensive business interactions among Vietnamese, Japanese, and other foreign companies.”