Vietnam should have law on supporting industry: VCCI chairman

Vietnam needs to have a law on the supporting industry to aid its development, according to the chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

Vietnam should have law on supporting industry: VCCI chairman
The Ministry of Industry and Trade will implement action plans to promote the development of the domestic supporting industries. —Photo baochinhphu.vn

VCCI chairman Vu Tien Loc said new waves of foreign direct investment (FDI) to Vietnam will focus on the supporting industries.

Therefore, if the domestic supporting industries are not developed to reach to higher levels in the supply chains, other industries could not escape from the processing of goods, even though Vietnam can attract tens or hundreds of billions of US dollars in FDI.

Loc was informed by the Japanese Ambassador to Vietnam that many Japanese enterprises have chosen Vietnam to move their production and business from other countries. Meanwhile, Samsung Vietnam's representative also told him its largest research and development centre in Southeast Asia is being built in Hanoi, reported Pháp luật Việt Nam (Việt Nam Law) newspaper.

At the Indo-Pacific Business Forum held in Hanoi last month that drew participants from 50 countries and territories, Vietnamese and US businesses signed investment agreements worth more than US$11 billion in total. The investments were mainly in infrastructure development and renewable energy, said Loc.

There are many opportunities to attract investment to Vietnam in the future, he said.

Minister of Industry and Trade Tran Tuan Anh recently issued action plans of the ministry to implement solutions on promoting the development of the domestic supporting industries, reported the Vietnam News Agency.

Accordingly, the Ministry of Industry and Trade (MoIT) requires agencies and enterprises of the industry and trade sector as well as departments of industry and trade of provinces and centrally-run cities to implement the action plans.

Specifically, the Department of Industry will work with agencies to build and efficiently implement synchronous mechanisms and policies on developing the supporting industries and the processing and manufacturing industries, especially credit and tax policies.

The Department of Legal Affairs and agencies will study and build the Law on Development of Manufacturing and Processing Industry and then submit the law to the Government for approval.

 

In addition, this department will review current legal documents on industrial management and supporting industries of the industry and trade sector to find problems and overlaps. Then, it will propose amendments and supplements to improve the quality of those legal documents and ensure their feasibility.

Besides that, the ministry will strengthen activities to attract foreign investment in the supporting industries as well as the processing and manufacturing industries. It will also support businesses to take opportunities from free trade agreements to develop those industries.

The Department of Science and Technology will improve the science and technology ability of enterprises in the supporting industries, and the processing and manufacturing industry. That will facilitate technology transfer and absorption of the supporting industries.

It will also strengthen domestic and international co-operation in research, development and application of science and technology as well as trading and transfer of scientific and technological products.

The ministry will build and implement national programmes on developing human resources and improving their skills for the supporting industries and the processing and manufacturing industries. It will promote links between training institutions and enterprises.

The Department of Trade Promotion will develop a project to enhance trade and investment activities between Vietnamese enterprises producing industrial products and foreign-invested enterprises in Vietnam as well as foreign importers and investors to build production chains in the industrial sector.

Meanwhile, the Trade Remedies Authority will assist domestic producers and exporters in the supporting industries and the processing and manufacturing industry to deal with trade remedies imposed by importing countries.  VNS

Vietnam needs to improve competitiveness of supporting industry

Vietnam needs to improve competitiveness of supporting industry

Vietnam needed to develop a sustainable supporting industry by increasing the competitiveness of its products and advancing the efficiency of the production and automation processes, according to Ambassador of Sweden to VN Ann Mawe.  

Government considers additional support policies for industrial sector

Government considers additional support policies for industrial sector

The Ministry of Planning and Investment (MPI) said it had advised the Government to implement a number of policies to support Viet Nam's industrial sector, especially the support industry.  

 
 

Other News

.
For the sake of sustainable fish export
For the sake of sustainable fish export
BUSINESSicon  10/01/2021 

The price of tra (pangasius) fish has experienced one fluctuation after another. This year is forecast to be a recovery time for the fish.

Minister urges quick building of project on natural forest protection
Minister urges quick building of project on natural forest protection
BUSINESSicon  10/01/2021 

The forestry sector should take swift action to build a project on zoning off and protecting natural forests in the time to come, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

Resilience helps Vietnam overcome year of COVID-19
Resilience helps Vietnam overcome year of COVID-19
FEATUREicon  09/01/2021 

Though COVID-19 has sent the global economy into one of its worst recessions ever, Vietnam posted GDP growth of 2.91 percent in 2020 thanks to its solid control of outbreaks and timely support to both enterprises and local people.

Construction of T&T Group’s modern trade center commences in Dak Nong Province
Construction of T&T Group’s modern trade center commences in Dak Nong Province
BUSINESSicon  09/01/2021 

The construction of the VND645 billion Dak Mil Trade Center was kicked off in the Central Highlands province of Dak Nong on January 6 by the Vegetable Import and Export Joint Stock Company (a member of T&T Group).

VIETNAM BUSINESS NEWS JANUARY 10
VIETNAM BUSINESS NEWS JANUARY 10
BUSINESSicon  10/01/2021 

VNR500, top 10 prestigious companies honoured

Vietnamese, US officials talk economic, trade issues
Vietnamese, US officials talk economic, trade issues
BUSINESSicon  08/01/2021 

Minister of Industry and Trade Tran Tuan Anh has held phone talks with US Trade Representative (USTR) Robert Lighthizer to discuss bilateral economic and trade issues.

Opportunities opened for food processing industry
Opportunities opened for food processing industry
BUSINESSicon  08/01/2021 

According to Vietnamese trade counselors, in 2021, Vietnamese goods, in general, have a great opportunity to export to Europe, Northern Europe, the US, the Eurasian Economic Union, Japan, South Korea, and China.

Insurance groups signal intent to raise funds for stock boost
Insurance groups signal intent to raise funds for stock boost
BUSINESSicon  08/01/2021 

Insurance companies in Vietnam are lifting the curtains on their public fundraising plans, seen as a step towards luring more cash in the promising insurance and reinsurance market.

Vietnam to be among top growth performers again in 2021: HSBC
Vietnam to be among top growth performers again in 2021: HSBC
BUSINESSicon  09/01/2021 

Vietnam posted the fastest growth in Asia in 2020 and will once again be among the most outstanding performers in the region this year, according to the Hong Kong Shanghai Banking Corporation (HSBC).

FDI enterprises increase but more losses reported
FDI enterprises increase but more losses reported
BUSINESSicon  08/01/2021 

The number of foreign direct investment (FDI) enterprises continues to increase in Vietnam, but more are reporting losses. 

VIETNAM BUSINESS NEWS JANUARY 9
VIETNAM BUSINESS NEWS JANUARY 9
BUSINESSicon  09/01/2021 

Credit growth forecast to reach 13-14 percent this year: SSI

Vietnam imports rice from India for first time
Vietnam imports rice from India for first time
BUSINESSicon  08/01/2021 

Vietnam’s rice output is more than enough to satisfy domestic demand, but country is importing rice from India to use mostly for animal feed.

Property prices expected to rise 10 percent in 2021
Property prices expected to rise 10 percent in 2021
BUSINESSicon  08/01/2021 

Real estate prices in 2021 are expected to increase by 10 percent over the previous year, said Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association (VNREA).

Spikes in rent scaring away industrial zone tenants
Spikes in rent scaring away industrial zone tenants
BUSINESSicon  08/01/2021 

The supply of industrial land and real estate has so far not kept up with the ever-rising demand from manufacturers and investors, leading to price hikes like never before.

New entity to invigorate Vietnam’s stock markets
New entity to invigorate Vietnam’s stock markets
BUSINESSicon  07/01/2021 

With general optimism well-founded for Vietnam’s stock market building in the past year, there is now significant anticipation for 2021 with the arrival of a new entity to run the country’s exchanges.

High expectations laid out through fresh policy move
High expectations laid out through fresh policy move
BUSINESSicon  08/01/2021 

Three amended key laws on securities, enterprises, and investment have now come into force.

Vietnam’s manufacturing output returns to growth in final month of 2020
Vietnam’s manufacturing output returns to growth in final month of 2020
BUSINESSicon  08/01/2021 

The Vietnamese manufacturing sector ended the year 2020 in growth territory as business conditions improved following disruptions caused by a succession of storms in November, with output, new orders and employment all increasing in December,

Stage set for scale-up of nation’s rice
Stage set for scale-up of nation’s rice
FEATUREicon  07/01/2021 

Vietnam’s rice processing and trading have overcome the difficulties caused by the ongoing pandemic to acquire the export turnover of over $3 billion in 2020, a record in the past nine years, with exporters remaining bullish over future prospects.

4% inflation target set for 2021 within reach: experts
4% inflation target set for 2021 within reach: experts
BUSINESSicon  07/01/2021 

Vietnam is likely to meet its target of reining in inflation at a rate of below 4% in 2021, although experts warn that unfavourable factors could impact market fluctuations.

Vietnam strives to be world leader in seafood production and exports
Vietnam strives to be world leader in seafood production and exports
BUSINESSicon  08/01/2021 

The nation is poised to become a deep seafood processing centre and join the group made up of the three leading seafood producing and exporting countries in the world,

 
 
 
Leave your comment on an article

OR QUICK LOGIN