According to The Gas Review, the gas market in Vietnam has been growing stably for the past few years. Although hard statistics are not available, estimates based on research by The Gas Review show a market scale of YEN 12-16bn for 2018 and an annual growth rate between 6-7%.
Manufacturers from Japan, South Korea, China, Taiwan, Malaysia and Singapore are actively advancing into Vietnam, and production is strong for state-run businesses in iron and steel, petroleum, fertiliser and other areas. The demand structure in Vietnam, as is characteristic of development countries, relies heavily on oxygen.
However, there is an apparent and sudden rise of new fields, including all types of electronic components, as well as household appliances, pharmaceuticals, food products, general contracting and services. MRIs for hospitals are also starting to become popular. This has resulted in diversification of gases to include nitrogen, argon, carbon dioxide and helium.
Furthermore, manufacturing is developing more depth accompanied by an increase in the number of medium-size plants. This provides a wider range in the gas, welding material and related equipment markets.
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