HCM CITY — Sales of many Vietnamese made industrial products have increased in the domestic market, benefiting both enterprises and consumers and mitigating the country's trade deficit. Electric generator shops in District 10's Ly Thuong Kiet Street are often crowded, as businesses and residents prepare for coming power cuts. Customers are increasingly buying locally manufactured generators from familiar brands like Huu Toan and Hoa Binh.
Huu Toan generators are being sold in all provinces and cities nationwide, supplying a wide range of generators from 1.5kVA to 2,000 kVA.
Besides good domestic sales, Huu Toan generators are exported to 15 foreign countries, including Bangladesh, Panama, Cambodia, Laos, Sri Lanka, Russia and Indonesia.
Similarly, sales of domestic electric wire and cable products have also increased strongly at both home and abroad. Tran Phu Electric Mechanical Company Limited and Viet Nam Electric Wire and Cable Limited Company reported robust sales last year.
The companies also manufacture medium voltage power cable, heatproof, oil-resistant, fireproof cables, copper wire and others, which have won the trust of many foreign investors in Viet Nam for use in their projects instead of imports.
The domestic electrical equipment sector has achieved strong growth in recent years of about 20-25 per cent a year, according to the Ministry of Construction, adding that there are big opportunities for the sector to increase both domestic sales and exports.
Currently, local companies occupy 70 per cent of the market share, while high-end imported products and cheap electrical equipment imported from China and neighbouring countries hold the remainder.
Improving production technology and distribution systems as well as conducting market research to develop products had all contributed to the success, the ministry said.
The domestic mechanical engineering industry had also gradually won the trust of consumers, said Nguyen Van Thu, chairman of the Viet Nam Engineering Mechanical Association.
The domestic market, however, still relied on imported mechanical engineering products, mainly for industrial projects, including thermal power, hydro power, cement and mining projects.
The Government should adopt measures to reduce imports to benefit local enterprises, reduce the trade deficit and exploit the design and manufacturing potential of local companies, he said. — VNS