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Manufacturing sector makes efforts to reduce dependence on imports

Domestic manufacturing and processing companies, including foreign-invested enterprises, continue to heavily rely on imported raw materials, intermediate products, and production machinery. This dependency is a key factor behind the low localization rate. Therefore, deeper integration into the supply chain and reducing reliance on imports have become crucial goals for manufacturing and processing businesses in Vietnam.

ꦓAccording to the Vietnam Association of Supporting Industries, the localization rate in Vietnam is only 41.9%, with local businesses contributing 17.2%, much lower than neighboring countries. Thus, strategic cooperation with partners is essential.

🐠The Ministry of Industry and Trade has established Technical Centers to assist local companies in enhancing their technical and management capacities, enabling them to meet the demands of multinational corporations and FDI enterprises while becoming more integrated into global value chains./.

#Vietnam's manufacturing sector #Vietnam Association of Supporting Industries
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