In recent years, electronics industry has always been among top ten industries with highest export proportion of tens of billions US dollars annually. However, this ‘piece of cake’ mostly belongs to foreign direct investment (FDI) enterprises.
According to the Industry Agency under the Ministry of Industry and Trade, after implementing the decree on development of supporting industry for four years, at the present, there are around 1,800 supporting industry enterprises, of which, around 300 enterprises are Vietnamese-owned and the rest is chain businesses.
According to the Ministry of Industry and Trade, there are 1,800 enterprises manufacturing components and spare parts in Vietnam but only around 300 enterprises participate in global production network of multinational corporations, accounting for around 17 percent.
Insiders have recommended Vietnam pay attention to developing weaving and other production activities supporting the textile-garment sector to make best use of the EVFTA, a freshly-inked free trade agreement with the European Union.
The leather and footwear sector needs to develop supporting industry to reduce reliance on the import of raw materials, enhance competitiveness and boost high-value exports, said Deputy Minister of Industry and Trade Cao Quoc Hung.
Thanks to the right orientation and policy of supporting industry development, the southern province of Binh Duong has lured many large projects invested by international corporations, said a report issued by Binh Duong Depertmment of Industry and Trade.
Ho Chi Minh City is enacting policies to aid businesses in the supporting industry by encouraging investment, networking between firms and banks, and creating special zones.
The northern province of Vinh Phuc has called for investments in support industries for automobile, motorbike and electronic production, said Nguyen Van Tri, Chairman of the provincial People’s Committee.
