Hanoi (VNA) - Sustaina♏ble growth of industrial exports was featured at a seminar held in Hanoi on November 5.

Speaking at the event, Deputy Minister of Industry and Trade Tran Tuan Anh attributed the sustainable industrial export growth over the past time to a solid manufacturing base, the stable socio-economic environment, and business incentives. Deputy Director of the Ministry of Industry and Trade’s Export-Import Department Tran Thanh Hai said processed industrial goods accounted for 78.8 percent of the country’s total exports as of early October, mostly contributed by phones and spare parts, garment, footwear, computers and accessories, and transport vehicles. He said FDI inflows, predominantly in industry, as well as efforts to become part of the global supply chain are propelling the exports of industrial goods. He, however, also described globalisation and FTA deals as factors to fuel competition between local producers and foreign rivals. Non-tariff barriers will not support Vietnamese products in the battle against high-quality and low-cost imports, he said. The underdeveloped support industry cannot help domestic firms become self-sufficient in manufacturing and export materials. Challenges in quality, prices, design and resilience to market movements are testing local firms’ capacity, said Deputy General Director of Red River Garment Company Bui Viet Quang. Vu Van Thanh, Deputy General Director of the Hoa Sen Steel Sheet Corporation, called for more support from the State and the ministry, like intensive training in trade defence and competition laws for businesspeople. The Vietnamese embassies and commercial offices abroad should closely oversee and protect legitimate rights of domestic firms in doing business with foreign rivals, he added. The event was co-hosted by the MoIT and Cong thuong (Industry & Trade) newspaper.-VNA