In-depth Analysis of the COVID-19 impact on Vietnam Agricultural Equipment market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The global outbreak of Covid-19 virus has led to massive disruptions in all industries, majorly due to supply chain disruptions. The looming public health crisis has claimed over 35 lives in Vietnamas of 23rd February 2021 and apart from that, it continues to pose a threat on the lives, livelihoods and businesses across the world. Vietnam has shown the effectiveness in stopping the community transmission of COVID-19; however it has not been able to avoid the economic crisis due to the effects of lockdown. According to the estimation by the General Statistics Office of Vietnam, as of mid-April 2020, nearly 5 million people lost their jobs because of this epidemic. In the first quarter of 2020, the economic growth rate was 3.82%, the second quarter it decreased to 0.39%, the third quarter it increased again to 2.62%, bringing the growth rate of 9 months of 2020 to 2.12%. Although the growth is still positive, this is the lowest compared to the same period for during 2011-2020. Vietnam is one of the few countries with positive growth in economy. Effect on Agricultural Machines Demand in the First Half of 2020: The imposed lockdown in the country and the social distancing norms have severely impacted the agricultural machines demand in the country. Companies that had surplus inventory as a buffer were stronger in with standing the market shock brought about by the pandemic. The companies that were completely relying on imports were impacted as during the pandemic as the supply chain was disrupted in the first and second half. Machinery manufacturers saw declines in demand for equipments during the Covid-19 pandemic as there was a fall in farmer’s income. The production capacity of various agricultural machine manufacturers was as low as due to drop in demand during Q2-20. Due to COVID-19 restrictions in the country, Import turnover of agricultural, forestry and fishery products were estimated at about USD 4.3 billion, down 6.7% compared to the same period in 2019. In addition to COVID, the impacts of climate change have shown an impact from the beginning of the year causing drought and saline intrusion in the Mekong Delta affecting the cultivation and aquaculture industries. Effect on Machinery Demand in the First Half of 2020: Stay-at-home orders amidst the pandemic prohibited the workers to visit the manufacturing factories. This caused a decrease in the domestic production of agricultural machinery. Vietnam is highly dependent on import for the agricultural equipments and most of its demands are met from China, Japan and Korea. A disruption in supply chain effected companies which were completely relying on imports of machinery and spare parts. Temporary & Long Term Shifts in the Business Practices: The demand for agricultural machinery is expected to remain low throughout 2020 due to reduced income and shift of farmers to other sectors in order to earn a livelihood. The demand for these machines is however expected to recover in the second half of the year due to increasing rice production and export of agricultural products. Relaxations in taxes coupled with decrease in loan interest rate for machines, the demand is expected to recover by the end of the year. The increasing number of FTA agreements signed by the government with various countries is expected to reduce the prices of these machines which are in turn expected to drive the demand for tractors, combine harvesters and transplanters. The ease in the lockdown is expected to increase the footfall for the agricultural machinery showrooms and increase average revenue per dealer in the coming future. The industry is expected to witness steady recovery from 2021 onwards and the sales volume reaching pre-COVID levels in the next few years. In the longer run, players in the agricultural machinery industry are expected to shift towards precision agriculture features including GPS, GIS, Cabin Control for Fields, Telematics and Others which might make these machines more efficient in reducing post harvest losses in the future. Foreign players are expected to dominate the major share of consumers in the future. Strategic partnerships with local players and as well other stakeholders in the industry are expected to increase the domestic manufacturing sales volume in the future. This would be coupled with focus on increasing quality of products and continued investment in marketing and promotion to drive the sales revenue. Basis all these factors, the Vietnam Agricultural Machinery Market is expected to grow at a CAGR of 6.4% on the basis of sales revenue during the forecast period 2020-2025. Key Segments Covered:- By Product Type Tractors (2W and 4W) Combine Harvesters Rice Transplanter Implements By Tractor Segment Upto 12 Hp Between 12-35 Hp Above 35 Hp By Region of Sales Mekong Delta Red River Delta Northern Midlands and Mountains North Central and Central Coast Central Highlands South East By Implement Segment Rotavator Plough Harrow Fertilizer Spreaders Others Companies Covered:- Kubota Vietnam Yanmar Vietnam VEAM (Vietnam Engine and Agricultural Machinery Corporation) Thaco (LS Mtron) Key Target Audience:- Agricultural Equipment Companies New Market Entrants- Domestic OEMs New Market Entrants- Foreign OEMs Agricultural Equipment Financing Companies Government Bodies Investors & Venture Capital Firms Agricultural Equipment Manufacturers Agricultural Equipment Distributors Agricultural Equipment Associations Time Period Captured in the Report:- Historical Period – 2014-2020 Forecast Period – 2021-2025 For More Information on the research report, refer to below link:- Vietnam Agricultural Machinery Market Related Reports:- Thailand Agricultural Machinery Market Outlook to 2025 – Agriculture Tractor Market (By Type: 2W and 4W Tractors, By Power: 8HP-15HP, 20HP-35HP, 36HP-47HP, 48HP-75HP, 75HP-100HP, 100HP-120HP and Above 120HP), Combine Harvester Market (By Power: 70HP & Below, 75HP-105HP and Above 105HP), By Rice Transplanters (By Rows: 4Row, 6Row and 8Row), Agriculture Implements Market Philippines Agricultural Equipment Market Outlook to 2023- By Product Type (Tractors, Combine Harvesters, Planters, Seeders and Tillage Equipments and Tillage Equipment), By Tractor Segment (Upto 60 Hp, Between 61-130 Hp and above 130 Hp), By Production (Imported and Domestically Manufactured) and By Region (Luzon, Visayas and Mindanao) Europe Agriculture Equipment Market Outlook to 2023 – By Type (Tractors, Harvesting Equipment, Soil Preparation and Cultivation Equipment, Haymaking Equipment, Crop Protection Equipment, Transport and Handling Equipments and Other Agricultural Equipment); and By Major Countries (Germany, France, Italy, UK, Poland, Spain and Others) Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Agricultural Equipment Domestic Players Vietnam, Agricultural Equipment Foreign Players Vietnam, Agricultural Equipment Rent Vietnam, Agricultural Machinery Industry In Vietnam, Agricultural Machinery Market In Vietnam, Combine Harvester Sales Vietnam, Covid-19 Impact Vietnam Agricultural Machinery Industry, Covid-19 Impact Vietnam Agricultural Machinery Market, Doanh thu thị trường máy nông nghiệp Kubota Việt Nam, Doanh thu thị trường máy nông nghiệp Việt Nam, Evaluation Study Vietnam Agricultural Machinery Market, Evaluation Summary Report Vietnam Agricultural Machinery Market, Evaluative Survey Vietnam Agricultural Machinery Market, Financing of Agricultural Equipments Vietnam, Financing of Agricultural Machinery Vietnam, Industry Research Report Of Vietnam Agricultural Machinery, Interest Rate on Agricultural Machines Vietnam, Kubota Vietnam Agricultural Machinery Market Revenue, Market Research Report Of Vietnam Agricultural Machinery, Number of Agricultural Equipment Companies in Vietnam, Number of Online Agricultural Equipment Companies in Vietnam, Region with Highest number of Combine Harvesters Vietnam, Region with Highest number of Rice Transplanter Vietnam, Region with Highest number of Tractors Vietnam, Rice Transplanter Sales Vietnam, Second Hand Agricultural Equipment Vietnam, Social Evaluation Research Vietnam Agricultural Machinery Market, Thaco (LS Mtron) Agricultural Machinery Market Shares, Thị trường máy nông nghiệp Việt Nam, Thị trường Máy thu hoạch Liên hợp Việt Nam, Thị trường thiết bị nông nghiệp Việt Nam, Thị trường triển khai Việt Nam, VEAM (Vietnam Engine and Agricultural Machinery Corporation) Agricultural Machinery Market Size, Vietnam Agricultural Equipment Companies, Vietnam Agricultural Equipment Distributors, Vietnam Agricultural Equipment Financing Companies, Vietnam Agricultural Equipment Manufacturers, Vietnam Agricultural Equipment Market, Vietnam Agricultural Equipment Market Competition, Vietnam Agricultural Equipment Market Size, Vietnam Agricultural Machinery Due Diligence Report, Vietnam Agricultural Machinery Growth Strategy Market Report, Vietnam Agricultural Machinery Industry, Vietnam Agricultural Machinery Industry Research Report, Vietnam Agricultural Machinery Market, Vietnam Agricultural Machinery Market Analysis, Vietnam Agricultural Machinery Market Competition, Vietnam Agricultural Machinery Market Competition Benchmarking, Vietnam Agricultural Machinery Market Evaluation Report, Vietnam Agricultural Machinery Market Forecast, Vietnam Agricultural Machinery Market Future Outlook, Vietnam Agricultural Machinery Market Growth, Vietnam Agricultural Machinery Market Major Players, Vietnam Agricultural Machinery Market Research Report, Vietnam Agricultural Machinery Market Revenue, Vietnam Agricultural Machinery Market Revenue Forecasting, Vietnam Agricultural Machinery Market Shares, Vietnam Agricultural Machinery Market Size, Vietnam Agricultural Machinery Market Trends, Vietnam Combine Harvesters Market, Vietnam Combine Harvesters Market Size, Vietnam Implements Market, Vietnam Rice Transplanters Market Future Outlook, Vietnam Rice Transplanters Market Size, Vietnam Tractors Market Future, Write An Evaluation Report On Vietnam Agricultural Machinery Market, Yanmar Vietnam Agricultural Machinery Market Sales