Increasing the capacity of suppliers in the processing and manufacturing chain

Enterprises must improve the quality and quantity of domestic tier 1 and tier 2 suppliers, to increase their ability to participate in the supply chain and improve the localisation of domestic industrial products.

The manufacturing industry plays an important role as the backbone of the economy and a driving force for growth. — Photo tinnhanhchungkhoan.vn

Enterprises must improve the quality and quantity of domestic tier 1 and tier 2 suppliers, to increase their ability to participate in the supply chain and improve the localisation of domestic industrial products.

This is the opinion of experts who gathered at a workshop to further develop links between Vietnamese enterprises and multinational companies in the manufacturing industry.

The workshop was coordinated by the Việt Nam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, in co-operation with the ASEAN - Japan Centre (AJC). It was held in Hà Nội on Monday.

Việt Nam is considered an emerging country with fast economic growth both in the region and the world. The country had a preliminary average annual economic growth of 5.95 per cent in the period 2011- 2020.

The achievements of industrialisation and modernisation have created a great foundation for socio-economic development, in which the manufacturing industry plays a particularly important role as the backbone of the economy and the driving force for growth in the country.

The manufacturing industry also attracts a large amount of foreign investment capital (FDI), which usually accounts for the highest proportion in terms of the number of projects and registered capital in the period 2011-2020.

Trương Chí Bình, vice president and general secretary of the Việt Nam Association For Supporting Industries, said that the Government, localities and many other organisations have supported the processing and manufacturing industry, promoting the development of enterprises and connected domestic and foreign enterprises.

However, the requirements of FDI enterprises on suppliers mainly revolve around quality, price, delivery time and technological factors.

The issue of price and management of Vietnamese enterprises was still not competitive compared with Chinese and Thai enterprises, said Bình.

Therefore, to help Vietnamese businesses participate more deeply in the supply chain of FDI, it is necessary to support them in improving their capacity through policies that encourage digital transformation and investment in electronic production, added Bình.

"We still do not have a strategy, specific mechanisms or policies for the electronics sector. Electronics is a matter of the future. It is necessary to encourage FDI enterprises to localise policies on tax and labour, to attract FDI with a clear orientation on localisation," she recommended. — VNS

Source: VNA
vietnamnews.vn

Related News

To open the door for industrial processing and manufacturing products to demanding markets

To open the door for industrial processing and manufacturing products to demanding markets

VCN - Vietnam's processing and manufacturing industry has made strong progress in 2024, with positive growth and becoming the main driving force of the economy. However, to maintain growth momentum and expand market share in demanding markets, businesses need to address challenges in quality standards, raw material costs and strict compliance requirements from international partners.
The output reduction of the Tax Incentive Program for automobile manufacturing and assembly has not been considered

The output reduction of the Tax Incentive Program for automobile manufacturing and assembly has not been considered

VCN - According to the Ministry of Finance, the proposal to continue reducing the output of the current Tax Incentive Program for automobile manufacturing and assembly is not appropriate.
Vietnam’s manufacturing sector experienced third consecutive decline

Vietnam’s manufacturing sector experienced third consecutive decline

Vietnam's manufacturing sector continued a declining path in May with economists and industry insiders saying weak demand is a major contributor, according to a report published on June 1 by S&P Global.
Find a way to join global supply chain for supporting industry enterprises

Find a way to join global supply chain for supporting industry enterprises

VCN - By cooperating with large manufacturers who invest in Vietnam, supporting industry enterprises will have more opportunities to join the global value chain.

Latest News

New step in tracing seafood origin, meeting export requirements

New step in tracing seafood origin, meeting export requirements

VCN - Using the electronic seafood traceability application (eCDT VN) will help seafood exporting enterprises more conveniently apply for export product traceability documents (SC, CC). This will help the Vietnamese seafood industry better adapt to the trend of international integration and the demand for transparency in seafood origin of the export market.
Việt Nam

Việt Nam's pangasius exports expected to reach $2b in 2024

Pangasius export turnover in the first ten months reached $1.56 billion, an increase of 8.9 per cent over the same period in 2023.
VN’s first pharmaceutical industrial park to be built

VN’s first pharmaceutical industrial park to be built

Located in Thái Bình Province, the park is expected to provide jobs for 18,000 people when going into operations.
Accelerating investment to meet "green" standards

Accelerating investment to meet "green" standards

VCN – Many businesses are implementing large-scale investments in technology, energy transitions, and production processes to meet the increasingly stringent "green" criteria set by the EU market.

More News

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

To better exploit the tariff incentives from the UKVFTA, it is necessary for Vietnamese fishery producers and exporters to focus on improving quality and supply capacity to expand market share in the UK
Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surplus value recorded a spectacular increase year on year.
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

VCN - According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Read More

Your care

Latest Most read
New step in tracing seafood origin, meeting export requirements

New step in tracing seafood origin, meeting export requirements

VCN - Using the electronic seafood traceability application (eCDT VN) will help seafood exporting enterprises more conveniently apply for export product traceability documents (SC, CC). This will help the Vietnamese seafood industry better adapt to the tr
Việt Nam

Việt Nam's pangasius exports expected to reach $2b in 2024

Pangasius export turnover in the first ten months reached $1.56 billion, an increase of 8.9 per cent over the same period in 2023.
VN’s first pharmaceutical industrial park to be built

VN’s first pharmaceutical industrial park to be built

Located in Thái Bình Province, the park is expected to provide jobs for 18,000 people when going into operations.
Accelerating investment to meet "green" standards

Accelerating investment to meet "green" standards

VCN - Founded in 1998, Ton Dong A Corporation specializes in manufacturing steel and coated steel products catering to various demands, from industrial and residential construction to transportation infrastructure and home appliances.
US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
Mobile Version