In recent years, Vietnam has turned out to be a center for emerging industries. These include the plastics and rubber facilities that are boosting the automobile and related control sectors in the country.
Factors that are contributing to this rapid industrial growth include the economic development leading to improved living conditions. This development is leading to many industries being set up in the country. Besides the plastics and rubber industries, residential and commercial blocks, paper and pulp, and mining industries have also sprung up across the country. This development is positively impacted by the interest and enthusiasm exhibited by organizations, both in the private and public sectors, to be a part of this rapid development process.
According to a report released by Frost & Sullivan titled Automation and Control Market in Vietnam, industrial earnings amount to $71.1 million in 2009, and are estimated to reach $129.1 million by the year 2016. This growth will receive a further impetus by utilization of PLCs, SCADA, and DCS. Reforms introduced in the 1980s offered incentives, subsidies to state-owned facilities, and limited markets. The local government has been endeavoring to encourage use of large-scale industrial projects that will fuel market growth. However, as a result of the country’s long history of internal strife, local industries suffer from a lack of both material and financial resources to fuel the desired rapid growth. There are embargos that make it hard for local companies to import technologies that will help them manufacture products locally.
Companies having facilities in the country need to offer specific solutions. Both government and private agencies will have to find ways and tap the funding required to enhance existing infrastructure. In an effort to boost this development still further, Frost & Sullivan, in its capacity as the Growth Partnership Company, will collaborate with worldwide companies to speed up this economic and industrial growth. The company offers research and consulting services to help companies procure, evaluate, and develop growth strategies in a time bound and effective manner.