However, according to experts, since the starting point was too low, there is still an overbalance of imports. Therefore, Vietnam's mechanical industry still faces many challenges.
“In order to better develop Vietnam's mechanical industry, we must review everything, from policies to the responsibility of related authorities. When there is a master plan, and no focus on product development, it is quite difficult for us”, said Dao Phan Long, Vice-chairman of Vietnam Association of Mechanical Industry.
Nguyen Duc Kien, Deputy Chairman of the National Assembly Economic Committee pointed out: “In the development of a country's economy in general, the mechanical industry has always played a key role. But unfortunately for Vietnam, the contribution of this industry is declining. If there is no breakthrough, the future of our mechanical industry will be troubling”.
Forecasts from now until 2025 show that the total construction investment for Vietnam will reach 250 billion USD. This will pose tremendous difficulties for the domestic mechanical industry, as Vietnam still has to import 20 billion USD of mechanical products.
