Vietnam establishes database of over 3,500 enterprises

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A launching ceremony for a database of Vietnamese manufacturing and supporting industries was opened in the capital city of Hanoi yesterday morning.

The  launching ceremony for a database of Vietnamese manufacturing and supporting industries

The launching ceremony for a database of Vietnamese manufacturing and supporting industries

Through the newly-formed database, multinational groups and foreign investors could easily access to the information related to more than 3,500 local enterprises in the fields of processing and manufacturing industry, supporting industries such as footwear, textiles, automobiles, electronics and manufacturing engineering to quickly and precisely make cooperation and investment decisions. 

Vietnam establishes database of over 3,500 enterprises  ảnh 1 Minister of Trade and Industry Tran Tuan Anh speaks at the ceremony
Attending in the ceremony were Minister of Trade and Industry Tran Tuan Anh, National Director of International Financial Corporation (IFC) of Vietnam, Laos and Cambodia region Kyle Kelhofer, Australian Ambassador to Vietnam Robyn Mudie and Swiss Ambassador to Vietnam Ivo Sieber. 
With a growth rate of about 10.6 percent per year, the manufacturing and processing industry is considered as a bright spot of the country’s industry in the context of the global economic downward due to the Covid-19 pandemic. 

Besides, the industry is also a magnet attracting foreign investment, notably the country had around 3,478 new projects with total capital of nearly US$31.8 billion in 2019, of which the manufacturing and processing sector reached US$21.6 billion accounting for 67.8 percent of registered capital. 

After the processes of surveying and collecting businesses information, the Vietnam Industry Agency under the Ministry of Trade and Industry completed and updated the information of 500 manufacturing and engineering enterprises, 347 automobile companies, 750 electronic firms, 1,145 textile enterprises and 910 footwear companies into the database.

According to the Minister of Trade and Industry, the database is a turning point contributing to not only form business to business (B2B) connection between local and international investors but it also enhances cooperation opportunities between Vietnamese and Foreign Direct Investment (FDI) enterprises, multinational business groups. 

Especially, in the context of Covid-19 outbreak, the system is expected to increasingly promote business connectivity and take advantages of new trade agreements that Vietnam has just joined in such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or European Union - Vietnam Free Trade Agreement (EVFTA), Minister Tran Tuan Anh added.

Vietnam establishes database of over 3,500 enterprises  ảnh 2 National Director of International Financial Corporation (IFC) of Vietnam, Laos and Cambodia region Kyle Kelhofer shares his point of view at the ceremony
At the launching ceremony, the National Director of IFC identified that the establishment of the database came at a special timeline when the Covid-19 pandemic seriously impacted on the global supply chains. 
It is expected that Vietnam would become a hub of regional important processing and manufacturing thanks to the database. 

By Van Phuc- Translated by Huyen Huong

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