Vietnam to focus on stimulating three support industries

09 May '20

2 min read

Pic: Shutterstock

The Vietnamese government will prioritise stimulating support industries for the component manufacturing, high technology, textile-garment and footwear sectors and strengthen industrial supply chains in the northern region, a key economic hub. It wants to have 900 firms in various support industries this year, of which 400 should meet international standards.

The firms should be capable of taking part in global supply chains of conglomerates in Vietnam.

By the end of this year, support industries will account for about 18 per cent of production in the local manufacturing and processing sector, and the index of industrial production (IIP) of support industries will expand by more than 12 per cent to boost economic growth, according to a report in a Vietnamese newspaper.

Hanoi city plans to host an international trade fair and exhibition on support industries this year, featuring not only domestic firms but also foreign producers from Japan, Taiwan, Hong Kong, and Thailand.

The aim is to connect local manufacturers of components, parts and semi-finished products with partners and improve their chances of becoming part of the industry’s global supply chains.

An international seminar will be held on the sidelines of the event, bringing together policy-makers, company leaders and experts in support industries.

Hanoi will offer training on corporate governance and production management for senior managers of local support industry firms and provide them with updated information about relevant policies and markets both at home and overseas.

It will also support the firms in research and development, technology transfer and innovation, and send specialists to assist them in receiving technology transfers and purchasing copyrights and patents.

Fibre2Fashion News Desk (DS)

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