Stimulating supporting industries is of top priority for the Government of Vietnam! These include support industries for textile and footwear sector, high technology and component manufacturing.
The key objective is to strengthen industrial supply chains especially in Hanoi – the political capital of the country.
The Government wants to have 900 firms in different support industries in 2020, of which 400 should meet the industrial standards so that they are good enough to take part in the part in the global supply chain of conglomerates.
As per media reports, 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.
Add to it, the country also plans to host international events on the support industry this year in Hanoi. The event will be featuring both domestic firms and foreign producers from countries like Japan, Taiwan, Hong Kong and Thailand.
The whole idea is to provide a platform to the local manufacturers of components, parts and semi-finished products to collaborate with international partners and contribute in the global supply chain.
The events will also include international seminars where industry leaders, policy makers and experts of the support industry will be addressing on various topics.
Furthermore, Hanoi will also be offering training on corporate governance and production management for managers of local support industry and will also guide them with updated information about policies and market of the country and abroad.
Additionally, it will also be helping them with research and development, technology transfer and innovation and send specialists to assist them in receiving technology transfers and purchasing copyrights and patents.