Over 90 exhibitors from 14 countries and territories worldwide are showcasing their products at the 10th Precision Engineering and Manufacturing Exhibition (MTA) which kicked off in Hanoi on October 2.

The three-day event features a technology display dedicated to automation and robotics.

MTA Hanoi serves not only as a platform for demonstrating modern technology but also as a hub for networking, knowledge exchange and collaborative opportunities.

The Index of Industrial Production (IIP) of Vietnam in the first eight months of 2024 increased 8.6% year-on-year, according to the General Statistics Office of Vietnam. Of which, the processing and manufacturing sector continued to play an important role in the economy’s growth with an increase of 9.7%, contributing 8.4 percentage points.

In 2023, the processing and manufacturing sector attracted $23.5 billion worth of FDI, accounting for 64.2% of the total FDI registered capital and surging 39.3% year-on-year. This made it the largest FDI-attracting sector among the 18 economic sectors involving foreign direct investment.

It is also worth noting that processing and manufacturing was the sector with the largest number of newly-registered projects (33.7%) and capital adjustment (54.8%), according to the GSO.

The strong FDI inflow into this sector shows that foreign investors continue to have confidence in Vietnam’s potential and its favorable business environment.

Many northern provinces have seen recent breakthroughs in the growth of their manufacturing and processing industries. For example, Quang Ninh aims to achieve an average annual added value growth rate of 17% in this sector by 2025, with a total investment target of over VND50 trillion ($3.37 billion).

Hung Yen is focusing on developing high-tech industrial products, with a vision for producing 1,000 to 1,200 mechanical parts and metal components, and 250 to 300 tons of steel products by 2030.

Vinh Phuc, in its provincial planning for 2021-2030, has set a goal for mechanical manufacturing, assembly and metal production to become a foundational industry.