Khanh Hoa (VNA) – Amidstcurrent globalization trend and regional economic connectivity, each APECmember should be aware of the significance of becoming part of the global supply,production and value chains, said a Ministry of Industry of Trade official.

The statement was made by LuongHoang Thai, head of the ministry’s Multilateral Trade Policy Department at aconference on APEC policies on the support industry in Nha Trang city, thesouthern province of Khanh Hoa on February 23 as part of the ongoing first APECSenior Officials’ Meeting (SOM).

With different economic growthlevels and scales, they should define their own support industry to suit theirspecific development situation, he said, stressing that the support industry’ssustainable growth creates jobs, strengthens technology transfer and reinforcesinternal strength of each economy, especially developing ones with increaseddemand for production, he held.

APEC has succeeded in forming achannel for member economies to join hands in improving their capacity andmaking full use of opportunities and benefit of the globalization to serve thegrowth of each member and the stability and prosperity of the region, saidThai.

Thai noted that over the pastyears, APEC has focused on boosting extensive regional economic connectivityand integration, thus motivating member economies to join deeply in the global chainsof production, supply and value.

This has also helped strengthenthe connection among regional economic institutions as well as the growth ofindustries and services supporting economic development of each member, saidThai.

He noted that APEC has set up a reliablesupply chain and improved the effectiveness of the chain by 10 percent in 2015,while backing businesses, including micro-, small- and medium-sized enterprises(MSMEs), to actively participate in the chain, and enhancing thecompetitiveness of member economies.

Participants at the event soughtways to enhance capacity of each APEC member in boosting the support industry,thus creating favourable conditions for regional trade and investment as wellas the engagement of MSMEs in the global value chains.

They also discussed a wide rangeof issues related to the linking of policymakers and management officials inbuilding a competitive and modern support industry, the building of policyguidelines and good practices in the field.

Last year, APEC approved aninitiative to develop APEC support industry co-chaired by Vietnam and Japan,during which, a model research was launched in Australia, Mexico and Vietnamand policy guidance and good regulatory practice in support industries will bebuilt for submission to the AMM 29 in Da Nang city in November.-VNA