Electrical equipment sector tops 18% growth

Sunday - 21/01/2018 21:14
The electrical equipment industry is estimated to need an investment of around VND136 trillion (US$7.2 billion) to achieve annual growth of 17-18 per cent for the next five years.
Electrical equipment sector tops 18% growth
This is one of the main goals of a plan to develop the industry in that period recently approved by the Ministry of Industry and Trade.
According to the ministry, this growth rate will enable the industry to meet 70 per cent of the domestic demand for electrical equipment like electric motor and 55 per cent of the demand for electric motors and gear reducer motor.
Increasing exports by 18 per cent a year is another important target under the scheme.
That in recent years the industry has achieved some success, with an increasing number of companies capable of manufacturing electric motors, low – and medium-voltage instruments, and insulation porcelain.
Vietnamese electrical equipment are also becoming popular abroad, with transformers being exported to the Middle East, Japan, and Africa, insulation porcelain to the US and the Middle East, and compact fluorescent lamps and wires to Latin America, the Middle East, Myanmar, and the Philippines.
Members are now focusing on manufacturing power-saving devices and equipment used with solar and wind energy.
On the Government to assist electrical equipment manufacturers in making these items by reducing import tariffs on manufacturing equipment and materials and erecting technical barriers to prevent import of low-quality products.

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