"Made in Vietnam" supporting industry products have gained trust from major global corporations like Samsung, LG, Honda, and Toyota. Many domestic firms have become suppliers of key parts in global product chains.
PM Pham Minh Chinh thanked Samsung Vietnam General Director Choi Joo Ho for his contributions to the development of Samsung Vietnam and the relationship between Vietnam and the Republic of Korea (RoK)
Vietnam's supporting industries (SI) are becoming increasingly attracting to foreign direct investment (FDI). However, stronger policies are necessary to enable domestic enterprises to make significant breakthroughs in this sector.
As the development of supporting industries of Vietnam has yet to match their potential, the sector needs a push to clinch a position in the domestic market and rise to the world, according to insiders.
The National Assembly continued its 7th session’s question-and-answer activity in Hanoi on June 5 morning, with Minister of Industry and Trade Nguyen Hong Dien fielding queries, mostly focusing on the development of supporting industries.
Ho Chi Minh City continued to lead the country in terms of export earnings in 2023 with 42.46 billion USD, although this result still decreased by 10.8% compared to 2022, according to the Vietnam Import-Export Report 2023 announced by the Ministry of Industry and Trade (MoIT)’s Agency for Foreign Trade on May 16.
Dong Nai province, an industrial hub in the southern region, has set up the Japan Desk at the headquarters of the Dong Nai Industrial Zones Authority to assist Japanese investors operating here.
Last year, the northern province of Thai Binh became one of the five biggest recipients of foreign direct investment (FDI) for the first time, an achievement attributed to its flexible and creative moves and strongly reformed measures to support investors.
A delegation from the Montgomery County in Maryland State of the US and the Vietnam - US Business Council paid a working visit to Dong Nai to explore investment and cooperation opportunities in the southern locality.
As Vietnam is emerging as a magnet for foreign businesses, domestic companies now have numerous opportunities to join global supply chains and develop supporting industries.
Under a planning approved by the Prime Minister for the 2021-2030 period with a vision to 2050, the northern province of Quang Ninh has 23 industrial parks (IP), the largest number among localities across the country.
Vietnam sees a good chance to become an important link in the US energy giants’ value chain as there is an increasing number of US firms coming to the Southeast Asian country to seek cooperation opportunities, experts said at the Vietnam – US Trade Forum held in Ho Chi Minh City on September 13.
There remains ample room for Vietnamese and Japanese enterprises to foster cooperation in supporting industries that are increasingly developing and playing an important role in Vietnam's participation in the global supply chain as well as the global value chain, insiders have said.
The index of industrial production (IIP) in Hanoi rose by just 2.3% year on year in the first half of 2023, making it a heavy task for the city to reach the year’s IIP growth target of 7.5 - 8%.
Supporting industries play a significant role in the economic restructuring towards industrialisation and modernisation, contributing to enhancing labour productivity, competitive capacity, and value creation, and increasing the contribution of the processing and manufacturing industries to the wider economy.
Vietnam needs to strengthen its supporting industries, in the context that it is increasingly enhancing its position in the global manufacturing sector, Deputy Ambassador of Japan to Vietnam Watanabe Shige has said.
Small- and medium-sized enterprises (SMEs) in supporting industries can benefit from multinational groups’ China plus-one strategies that include Vietnam, wrote Filippo Bortoletti, Country Director of the Dezan Shira & Associates Vietnam.
The processing and manufacturing sector is attractive to foreign investment, but domestic supporting industries still need favourable mechanisms to develop, heard a workshop in Ho Chi Minh City on March 9.
Hanoi has set a target to have about 950 enterprises operating in the field of supporting industries this year, an increase of approximately 20 compared to 2022.
