The surge in manufacturing and export earnings has been a crucial element in the vigorous upswing of Vietnam’s economy since the late 1990s. Reform measures initiated in the 1980s, such as reducing subsidies to inefficient state-run operations and introducing incentives, initiated Vietnam’s conversion from a collective to a market economy. This shift opened the door for the development of various industries, including the pump industry. Throughout the 1990s, the government implemented an array of successful policies to control inflation, lower interest rates, decrease the budget deficit, and ultimately stimulate production, contributing significantly to the growth of the manufacturing and industrial sector. Vietnam has adopted an export-oriented strategy, which has significantly contributed to the growth of the manufacturing industry.

With the expansion of manufacturing and export earnings, Vietnam has become an important contributor to the global market, particularly in the production and export of pumps. The government’s encouragement of private enterprise and the gradual acceptance of market mechanisms have led to significant growth and innovation, making the pump industry one of the fastest-growing sectors, contributing significantly to Vietnam’s economic growth and development.