The economy’s 11-month manufacturing and processing figures increased to the highest level over the past eight years, bolstering the country’s industrial production since early 2018. The General Statistics Office (GSO) last week reported that in the first 11 months of the year, the manufacturing and processing sector rose by 12.2 per cent on-year, the highest 11-month level since 2011. This sector creates 80 per cent of Vietnam’s industrial growth. “The manufacturing and processing sector has made a spectacular breakthrough to continue to become a key driver of the economy’s industrial production,” said a report on Vietnam’s 11-month economic situation by the National Centre for Socioeconomic Information and Forecast. According to the GSO, electronics and garments are among the key drivers of the sector, up 11.2 and 11.5 per cent on-year respectively, with major companies like Samsung performing well. Samsung’s export … [Read more...] about Stellar 11 month stats for industrial manufacturing
Industrial manufacturing
Support industry development needs policy boost
(VEN) - Despite the many incentives and other policy tools adopted by the government to boost support industries over the past decade, domestic enterprises have met only10-15 percent of the demand for parts and components for Vietnam’s manufacturers. Support industry enterprises should be assisted in market access and initial investment Support industry manufacturers serving the engineering industry have to import 70 percent of materials they need. According to the Vietnam Association of Mechanical Industry (VAMI), there are about 3,100 engineering enterprises with 53,000 manufacturing facilities nationwide, but they are unable to meet the domestic market need. Although Vietnam annually spends tens of billions of dollars on importing machinery and equipment, domestically made mechanical products have reached a domestic market share of only seven percent. In 2007, the Ministry of Industry (now the Ministry of Industry and Trade) approved a master plan for … [Read more...] about Support industry development needs policy boost
Support industry urged to boost capacity
(VEN) - Vietnam plans to prioritize development of support industries serving component and spare parts, textile and garment, leather and footwear, and high-technology industries. The demand for support industry products serving the automobile industry is huge Meeting 10 percent of domestic demand According to the Ministry of Industry and Trade’s Department of Industry, most support industries in Vietnam need to improve their production capacity and technology, given that they currently only meet 10 percent of the domestic market demand. Vietnamese enterprises barely satisfy any of demand for high-tech support industry products, as the gap between their capability and multinational corporations’ requirements remains large. Some support industry producers are only interested in production expansion and haven’t paid heed to intensive investment in technology improvement. Ensuring stable quality, punctual delivery and reasonable price is … [Read more...] about Support industry urged to boost capacity
Honeywell inaugurates first Asian industrial cybersecurity centre
The centre will develop new cybersecurity technologies, provide hands-on training, and monitor customer sites for threats. Delegates cutting the ribbon to open the facility in Singapore Honeywell (NYSE: HON) today opened its first industrial cybersecurity centre of excellence (CoE) in Asia. The centre was developed with the support of Singapore Economic Development Board (EBD) and was designed to help defend the region’s industrial manufacturers against evolving cyber security threats. “The only way manufacturers can reap the benefits of digital transformation, such as increased uptime and reduced maintenance, is if their industrial environments are cyber secure,” said Jeff Zindel, vice president and general manager Honeywell Industrial Cyber Security. “Today marks another important step forward in Honeywell’s leadership in industrial cyber security, further strengthening our ability to secure and protect assets, operations, and people. The … [Read more...] about Honeywell inaugurates first Asian industrial cybersecurity centre
Needed: Engineering support industry development
(VEN) - Support industry manufacturers serving the engineering industry have to import 70 percent of materials they need, while engineering producers are finding it difficult to identify markets, given inadequate and weak policies. Domestic engineering producers haven’t satisfied the domestic market demand Low competitiveness According to the Vietnam Association of Mechanical Industry (VAMI), there are about 3,100 engineering enterprises with 53,000 manufacturing facilities nationwide, but they are unable to meet the domestic market need. Although Vietnam annually spends tens of billions of dollars on importing machinery and equipment, domestically made mechanical products have reached a domestic market share of only seven percent. According to the Ministry of Industry and Trade’s Department of Industry, local content of nine-seat cars, for example, has reached only 7-10 percent, while 40 and 60 percent targets were set in 2005 and 2010, … [Read more...] about Needed: Engineering support industry development