Shortage of Labour and Government Support for the Mechanization of Farms are driving the growth of the 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 1. Vietnam’s Agriculture Equipment market grew at a CAGR of 3.2% during 2014-2020 and is expected to rise more in the next five years. Vietnam’s agricultural equipment market is in a growing stage. Increasing food demands, shortage of labor, climatic conditions, and government initiatives to help farmers by implementing several policies are some of the key reasons behind the growth of this sector in Vietnam. Moreover, experts have even predicted that the overall food demand is expected to rise in the range of 59% to 98% by 2050. To meet this demand, the agriculture sector in 2050 will need to produce almost 50% more food as compared to 2021. This will further induce the growth of Vietnam’s agriculture equipment market. 2. Presently, Vietnam’s agricultural machinery industry is highly import driven as there are not many manufacturers of agricultural machinery present in the country. To Know More about this report, download a Free Sample Report Vietnamese government promotes the import of agricultural machines more as compared to domestic industry. The local manufacturers are almost small mechanical workshops and are not equipped with knowledge and skills in technical designs and manufacturing technologies. These manufacturers in Vietnam prefer importing raw materials and components from China as there is no duty on imports, hence the country is dependent on imports. In addition to this, domestic agricultural machineries are more expensive than its imported counterparts for about 15-20%. Currently, imports account for about 70-75% of the total value of the agricultural machinery market in Vietnam. 3. Tractors Dominate Mechanization, Insufficient Training and Lack of Awareness and Conversion to Non-Agricultural Land are some of the major challenges of the agriculture equipment sector in Vietnam. Visit A link Request for Custom Report The market is poised to grow in the coming years. Still, there remains some obstacle that hinders the growth of this industry. One of the key issues is that tractors dominate the farm equipment market and other types of equipment have a very low market share. This is due to the lack of knowledge about the benefits of using additional equipment and practices. It is because the training and the events that are conducted to increase awareness on farm mechanization are not enough in the country. Besides it, the rice land in Vietnam is being converted into non-agricultural land for the purpose of urbanization and tourism development. This poses a threat to farm machinery as rice is the major crop sown in Vietnam. 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