Labor Crisis and High Labor Wage Rates have Rapidly Increased the Agricultural Mechanization in Vietnam: 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 Increasing Labor Wages: In 2020, Vietnam increased its minimum wage by an average of 5.7%. The new rates came into effect in January and range from USD 140 to USD 148in smaller provinces and suburban districts. This increase is higher in urban areas such as Ho Chi Minh and Hanoi. As a result, farmers have started shifting to agricultural machinery which is time efficient as compared to manual labor. Renting a combine harvester is approximately 3 times cheaper than hiring labour for per hectare of produce in some areas. Climatic Conditions: As the daytime temperatures become unbearable, rice farmers in Vietnam have no other option but to work in their fields at night. Due to changing climatic conditions, the temperature in Vietnam has been rising by 1-2C every year. The highest temperature was recorded last year at 43.4 C (110 F) in Ha Tinh province in central Vietnam. In such a situation, mechanized farm operations help farmers mitigate/adapt to climate risk by carrying out farming operations in a short duration or suitable window. Increasing number of Free Trade Agreements Hamper Domestic Manufacturing: As a result of FTA, import of agricultural machinery in Vietnam has amplified remarkably. Consequently, many players don’t prefer establishing a manufacturing facility in Vietnam due to 0% import tariffs. This has caused a problem for the domestic manufacturers as they have higher product cost especially as compared to Chinese manufacturers. In addition to the same, due to lack of solid base in metallurgical operations, the domestic producers are not able to provide the same quality as that of Japanese or a Korean product. Impact of COVID-19 on Vietnam Agricultural Equipment Industry: COVID-19 has severely impacted the agricultural equipment market in Vietnam. In Q1 and Q2, due to supply chain disruptions and decrease in farming activities, companies observed a decline in demand of tractors, combine harvesters or rice transplanters in terms of domestic sales leading to an overall decline in the market. The imposed lockdown in the country, decline of manufacturing and import and movement of transport impacted the industry adversely. In addition to this, closure of dealerships and retail stores led to decline in domestic agricultural machinery sales. Analysts at Ken Research in their latest publication “Vietnam Agricultural Machinery Market Outlook To 2025 – Agriculture Tractor Market (By Type: 2W And 4W Tractors, By Power: Below 12 HP, 12HP-35HP, And Above 35HP, By Region: Central Highlands, North Central & Central Coast, Mekong Delta, Northern Midlands and Mountains, Red River Delta and South East), Combine Harvester Market, Rice Transplanters Market and Agriculture Implements Market (By Product Type: Rotavator, Plough, Harrow, Fertilizer Spreaders and Others)”observed that Vietnam is a growing agricultural machinery market in South East Asia and is slowly recovering from the economic crisis after pandemic. The increasing credit availability in the country along exemption in taxes is driving the growth of the industry. Increasing focus on promotional and marketing activities, new product launches, partnerships & collaborations are expected to drive the industry in the future. The Vietnam Agricultural Machinery is expected to grow at a CAGR of 6.4% on the basis of sales revenue over 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