There are few opportunities for businesses to develop support industries in Vietnam amid the global economic crisis caused by COVID-19, according to economists.
Hanoi (VNA) - There are few opportunities for businesses to develop supportindustries in Vietnam amid the global economic crisis caused by COVID-19,according to economists.
Dr Can VanLuc from the Research and Training Institute of the Bank for Investment andDevelopment of Vietnam (BIDV) said the country is in the process of extensiveand intensive global integration and many production chains such as mobilephones, electronic products, textiles and garments, footwear, farm produceprocessing, automobile, and oil refining, which are all key export sectors, arefeeling the negative impact of COVID-19 due to the suspension of global supplychains and a shortage of materials.
Manyproduction areas in Vietnam are heavily dependent upon material imports fromChina, the Republic of Korea, and Japan, so support industries have been unableto escape from the impact.
Pham VanTai, General Director of the Truong Hai Auto Corporation (THACO), the largestautomobile maker in Vietnam, revealed that the development of support industriesin mechanical engineering is a strategic direction for localisation in globalsupply chains, enhancing competitiveness and increasing foreign direct investment.
Meanwhile,Deputy Director of the HCM City support industry development centre Le NguyenDuy Oanh said there are not many opportunities for businesses in the field dueto their limited capacity and low workplace skills. It is also difficult tomanufacture diverse products due to a lack of technology.
To addressthis obstacle, she suggested enterprises push ahead with reforms and changeadministration mindsets while increasing their competitive edge./.
Hanoi will prioritise stimulating support industries for the component manufacturing, hi-tech, and textile-garment and footwear sectors and strengthen industrial supply chains in the northern key economic region.
Vietnam will make an all-out effort to remove difficulties facing Australian enterprises when exporting to Vietnam during the COVID-19 crisis, Minister of Industry and Trade Tran Tuan Anh told Australian Minister for Trade, Tourism and Investment Simon Birmingham during phone talks on the morning of May 8.
The International Labour Organisation (ILO) and the Vietnam Chamber of Commerce and Industry (VCCI)’s HCM City branch on May 14 presented masks and hand sanitiser to companies in the wood and support industries.
Vietnam and Ho Chi Minh City in particular have remained appealing to foreign investors who are continuing to pour capital into the southern economic hub despite the COVID-19 pandemic.
Prime Minister Nguyen Xuan Phuc has signed a resolution to promote the development of support industries with the aim of having 2,000 enterprises capable of directly supplying parts for multinational corporations in ten years.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative image (Source: VNA) 
