New steering committee suggested to resolve issues for supporting industries
The government should establish a national steering committee, headed by a deputy prime minister, to promptly resolve problems and challenges facing supporting industries, according to Nguyen Hoang, Vice Chairman of the Vietnam Association for Supporting Industries (VASI).
Hanoi (VNA) – The government should establish a nationalsteering committee, headed by a deputy prime minister, to promptly resolve problemsand challenges facing supporting industries, according to Nguyen Hoang, Vice Chairmanof the Vietnam Association for Supporting Industries (VASI).
He made the suggestion at a recent workshop on developingsupporting industries at Hanoi Southern Supporting Industrial Park (HANSSIP).
Local content by Vietnamese firms in supportingindustries remains low, according to Hoang, around 1 – 2 percent inhi-tech industry, 5 – 20 percent in automobile, 15 – 20 percent in mechanicalengineering, 5 – 10 percent in electronics, and 30 percent in footwear andgarment-textile.
As a result, Vietnam had to import billions of USD worth ofcomponents for production annually, he stressed.
The official further noted that just 0.2 percent of the nearly 1 millionVietnamese enterprises operate in supporting industries, far below that of regionalpeers.
Minister of Planning and Investment Nguyen Chi Dung saidCOVID-19 has taken a heavy toll on the global economy over the last two years. Yet the manufacturing and processing’s contribution to Vietnam’s GDP increasedsignificantly to 25.13 percent in 2021 from 6.69 percent in 2020.
However, the supporting industries fail to meet domestic demandsince many key sectors in Vietnam, such as electronics, textile-garment,footwear, motorbike and automobile assembly, still heavily rely on imports,raising production costs and lowering added values, Dung said.
Hoang recommended the government to provide exclusiveincentives in terms of funding for enterprises in supporting industries and connectdomestic producers with major international corporations doing business in Vietnamto help them engage more deeply in supply chains.
The government must also soon develop a law on supportingindustries, he suggested./.
Vietnamese firms operating in supporting industries have been developing in recent years, as products have partly met demand in the domestic market and for export.
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Illustrative photo. (Source: VNA)
