Illustrative image (Photo: congthuong.vn) Hanoi (VNA) - The Ministry of Industry andTrade (MoIT) has introduced a range of measures to boost the growth of support industriesin a bid to promote the engagement of local companies in production chains.
It has worked hard over the years to strengthen the enforcementand efficiency of State management over the building of policies for support industries,while enhancing the quality of statistics compilation to ensure the provision oftimely, complete, and accurate information to the business community.
Amid the current situation, with supply and demand connectivityyet to be tight in Vietnam, the ministry has defined the compilation of statisticsand a database on manufacturing and processing as key tasks.
As part of activities to help businesses in support industriesand manufacturing and processing engage more deeply in production chains, the ministryhas launched a data system on activities in Vietnam.
The system will provide data on more than 3,500 enterprisesin the automobile sector, food processing, electronics, leather and footwear, andgarments and textiles, contributing to forming a network of businesses in the fieldand helping businesses and investors remain updated on new policies and other informationrelating to industrial sectors in Vietnam.
Manufacturing and processing is also a key field for attractingFDI. In 2019 alone, Vietnam as a whole attracted 3,478 new projects with total capitalof nearly 31.8 billion USD, with the manufacturing and processing industry accountingfor the highest proportion, with capital of 21.6 billion USD, or 67.8 percent ofthe total.
The data system aims to facilitate links between Vietnamesesuppliers and multinational corporations. Steps have also been taken to enhancethe regulatory effectiveness, efficiency, and development of policies on supportindustries, improve the quality of statistics, and ensure the availability of timely,complete, and accurate data.
Considered as the backbone of the economy, manufacturingand processing is a key driver of growth for the national industrial sector. Withan average annual growth rate of 10.6 per cent, manufacturing is a “bright spot”in Vietnam’s industrial sector in the context of the global economic downturn dueto COVID-19.
According to Minister of Industry and Trade Tran Tuan Anh,the database is an important milestone in addressing the needs of a business-to-business(B2B) network to link local and foreign businesses. It will help businesses andinvestors seek information in a quick and accurate manner, facilitating investmentmatching and enhancing opportunities for cooperation between Vietnamese andforeign businesses as well as multinational corporations.
In the context of the COVID-19 pandemic, with direct tradeactivities having experienced many difficulties, the database will be even moreefficient in helping businesses connect and seize the opportunities presented bynew generation free trade agreements to which Vietnam is a party, such as the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) and, most recently,the EU-Vietnam Free Trade Agreement (EVFTA).
The ministry recently organised an online investment promotionconference to introduce the country’s business environment and available incentivesto more than 1,000 Japanese investors.
Earlier, the Trade Promotion Agency under the Ministryof Industry and Trade and other relevant agencies held an online conference to introduceproducts from Vietnam’s support industries to Japanese companies.
According to Takeo Kakijama, Chief Representative of theHanoi Office of the Japan External Trade Organisation (JETRO), Vietnam has longbeen an attractive destination for Japanese investors, primarily thanks to the incentivesthe country has offered to Japanese companies, especially in support industries.
Vietnam holds a major advantage no other regional countryhas: a large number of workers skilled in the Japanese language.
Labour costs and land rentals in Vietnam are both relativelylow, and the country’s many free trade agreements make it attractive to foreigninvestors, he said./.
It has worked hard over the years to strengthen the enforcementand efficiency of State management over the building of policies for support industries,while enhancing the quality of statistics compilation to ensure the provision oftimely, complete, and accurate information to the business community.
Amid the current situation, with supply and demand connectivityyet to be tight in Vietnam, the ministry has defined the compilation of statisticsand a database on manufacturing and processing as key tasks.
As part of activities to help businesses in support industriesand manufacturing and processing engage more deeply in production chains, the ministryhas launched a data system on activities in Vietnam.
The system will provide data on more than 3,500 enterprisesin the automobile sector, food processing, electronics, leather and footwear, andgarments and textiles, contributing to forming a network of businesses in the fieldand helping businesses and investors remain updated on new policies and other informationrelating to industrial sectors in Vietnam.
Manufacturing and processing is also a key field for attractingFDI. In 2019 alone, Vietnam as a whole attracted 3,478 new projects with total capitalof nearly 31.8 billion USD, with the manufacturing and processing industry accountingfor the highest proportion, with capital of 21.6 billion USD, or 67.8 percent ofthe total.
The data system aims to facilitate links between Vietnamesesuppliers and multinational corporations. Steps have also been taken to enhancethe regulatory effectiveness, efficiency, and development of policies on supportindustries, improve the quality of statistics, and ensure the availability of timely,complete, and accurate data.
Considered as the backbone of the economy, manufacturingand processing is a key driver of growth for the national industrial sector. Withan average annual growth rate of 10.6 per cent, manufacturing is a “bright spot”in Vietnam’s industrial sector in the context of the global economic downturn dueto COVID-19.
According to Minister of Industry and Trade Tran Tuan Anh,the database is an important milestone in addressing the needs of a business-to-business(B2B) network to link local and foreign businesses. It will help businesses andinvestors seek information in a quick and accurate manner, facilitating investmentmatching and enhancing opportunities for cooperation between Vietnamese andforeign businesses as well as multinational corporations.
In the context of the COVID-19 pandemic, with direct tradeactivities having experienced many difficulties, the database will be even moreefficient in helping businesses connect and seize the opportunities presented bynew generation free trade agreements to which Vietnam is a party, such as the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) and, most recently,the EU-Vietnam Free Trade Agreement (EVFTA).
The ministry recently organised an online investment promotionconference to introduce the country’s business environment and available incentivesto more than 1,000 Japanese investors.
Earlier, the Trade Promotion Agency under the Ministryof Industry and Trade and other relevant agencies held an online conference to introduceproducts from Vietnam’s support industries to Japanese companies.
According to Takeo Kakijama, Chief Representative of theHanoi Office of the Japan External Trade Organisation (JETRO), Vietnam has longbeen an attractive destination for Japanese investors, primarily thanks to the incentivesthe country has offered to Japanese companies, especially in support industries.
Vietnam holds a major advantage no other regional countryhas: a large number of workers skilled in the Japanese language.
Labour costs and land rentals in Vietnam are both relativelylow, and the country’s many free trade agreements make it attractive to foreigninvestors, he said./.
VNA
