Southeast Asian Fastener Market

Southeast Asian Fastener Market

According to relevant statistical data, from 2018 to 2022, the import volume of fasteners in Vietnam increased by 25%, with a total import volume of fasteners reaching 730 million US dollars in 2022; In 2022, the total export value of fasteners reached 680 million US dollars, an increase of 45% over four years. Regardless of import and export, Vietnamese fasteners have developed rapidly in recent years.
In the first half of 2023, the United States was Vietnam’s largest export market. Vietnam’s exports to the United States amount to $44.2 billion, but only imports about $7 billion from the United States. Specifically, in the field of fasteners, the total amount of fasteners exported by Vietnam to the United States in 2022 is approximately 120 million US dollars, making it Vietnam’s second largest export market. Moreover, the United States has no sanctions against Vietnamese fasteners, so many Chinese companies have also invested in establishing factories.
In 2022, Taiwan invested approximately 1.35 billion US dollars in Vietnam, ranking sixth in the total investment economy in Vietnam. Taiwan is also the fourth largest source of fastener imports for Vietnam, with a total amount of approximately 59 million US dollars imported from Taiwan in 2022.
On the other hand, Taiwan has vigorously carried out “industrial transfer” to Vietnam, and with foreign investment, Vietnam has gradually formed a full industry chain of fasteners. In 2022, Vietnam’s total export of fasteners reached 680 million US dollars, an increase of 45% over four years, a large part of which is also the result of foreign investment.

China Vietnam has close trade relations. In the first half of 2023, Vietnam imported $50.1 billion in goods from China, making it the largest channel for Vietnamese imports for many consecutive years. But only $25.6 billion of goods were exported to China, and Vietnam’s bilateral trade deficit with China is as high as $24.5 billion. China has always been the largest source of fastener imports for Vietnam. In 2022, Vietnam imported approximately $360 million of fasteners from China, while only exporting $6.68 million to China. This indicates how Vietnam’s fastener market relies on Chinese manufacturers.
Over the past decade, the development speed of the Southeast Asian fastener market has far exceeded our expectations. In the future, countries such as Vietnam, Thailand, and Indonesia will become increasingly important markets for Chinese fastener enterprises
The Southeast Asian fastener market has great potential. According to ASEAN data, in 2022, the total import of fasteners from ASEAN reached 3.82 billion US dollars, an increase of 4.9% year-on-year. In addition to the well-known countries of Thailand and Vietnam, Indonesia, as the most populous country in ASEAN, has a promising future in the fastener market.
Asuda Hardware Products Co., Ltd., as a professional screw production enterprise in China, the Southeast Asian market is a very important market for Asuda Company in the future, and we will increase our efforts to develop this market