Supporting industries are playing an important role in the long-termsustainable economic growth and foreign investment attraction, said theVietnam Economic News on September 29.

According to Dang VanChi, Deputy General Director of N&G Investment and Development JSC,an investor in the Hanoi Southern Supporting Industrial Park (Hanssip),despite successfully attracting large corporations such as Samsung,Nokia, Toshiba, Honda, Panasonic, and Canon, Vietnam has to spendbillions of dollars on importing components or raw materials for thesecorporations.

Many firms admit that their production depends too much on import of inputs, he said.

Supporting industries also help improving competitiveness ofindustrial products, promoting new technologies, and developing domesticsmall and medium enterprises develop, added Chi.

Hanoi has about2,000 companies operating in supporting industries, with total salesaccounting for approximately 25 percent of the city’s whole industrialsales.

According to Director of Hanoi’s Department of Industryand Trade Le Hong Thang, along with specific solutions for capital andinfrastructure, the government and local authorities need to issuepolicies to further promote the development of supporting industries.For example, Hanoi has issued a number of specific policies to backlocal supporting industries including soft loan policy for enterprisesoperating in the city’s industrial parks such as Hanssip.

Accordingto Deputy Minister of Planning and Investment Dang Huy Dong, globaleconomic integration requires close links between national andinternational companies.

“The most important issue is how tofind outlets for support industrial products to promote sales. Once youhave a market, you will need financial sources for sustainable businessdevelopment,” Chairman of Hanoi Supporting Industries BusinessAssociation Nguyen Hoang was cited as saying.-VNA