(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
Industrial manufacturing
Festival connects support industry suppliers
The event was jointly held by the Ho Chi Minh City Department of Industry and Trade, the Ho Chi Minh City Export Processing and Industrial Zone Authority and the management board of the Saigon Hi-tech Park. The event attracted 17 foreign firms operating in the fields of electronics, automobiles, lorry and mechanical engineering, alongside 80 domestic support industry manufacturers. According to Deputy Director of the municipal Department of Industry and Trade Nguyen Phuong Dong, the event is expected to help industrial manufacturers and support industry suppliers to access domestic and foreign markets and gradually join in the global supply chain. In addition, the department has worked closely with the agencies concerned to support personnel training, particularly managerial staff, while following the mechanisms and policies of the government and Ho Chi Minh City to guide enterprises on how to renovate manufacturing, enhance output and expand markets, as well as improve competitiveness … [Read more...] about Festival connects support industry suppliers
HCM City authorities work to connect support industry suppliers
The event attracted 17 foreign firms operating in electronics, automobiles, lorry and mechanical engineering and 80 domestic support industry manufacturers. Speaking at the event, Deputy Director of the municipal Department of Industry and Trade Nguyen Phuong Dong said networking will help participating firms improve competitiveness and increase local contents in locally-made products. Photo: VNA Under the corporate demand stimulation policy, the department received 12 projects on building workshops and investing in modern equipment at a total cost of nearly 800 billion VND (35.5 million USD). He said the department vows to work closely with agencies concerned to support personnel training, particularly managerial staff, follow mechanisms and policies of the government and Ho Chi Minh City to guide enterprises how to renovate manufacturing, enhance output and expand markets. Nguyen Quoc Anh, Chairman of the municipal Rubber Plastic Manufacturers’ Association, … [Read more...] about HCM City authorities work to connect support industry suppliers
Thua Thien-Hue pours nearly 52 bln USD into support industry
Illustrative image (Source: VNA) Thua Thien – Hue (VNA) – The central province of Thua Thien-Hue has decided to pour nearly 52 billion VND (2.26 million USD) into the support industry between now and 2025, towards meeting nearly 35 percent and 55 percent of local demand for industrial manufacturing by 2020 and 2025, respectively. Accordingly, 24.65 billion VND (1.07 million USD) will be earmarked for 2017-2020 and the remaining for 2021-2025. Priority fields will include support industry for garment, leather and footwear; metallic, plastics and rubber spare parts and those used for electricity and electronics. In the foreseeable future, an industrial centre for garment sector will be based in Phong Dien industrial park to serve the whole central region and the country. The province is calling for building a high-quality factory to churn out … [Read more...] about Thua Thien-Hue pours nearly 52 bln USD into support industry
NA Chair invites greater Swiss investment in key industries
Viet Nam News HÀ NỘI - National Assembly Chairwoman Nguyễn Thị Kim Ngân said yesterday that she hopes Switzerland will continue encouraging its businesses to invest in several key industries and sectors in Việt Nam. Speaking at a reception held in the honour of visiting President of the Council of States of Switzerland, Ivo Bischofberger, she said Việt Nam awaited further Swiss investment in finance, banking, insurance, hi-tech industries, manufacturing, pharmaceutical industry, agricultural production, tourism and hospitality. Ivo Bischofberger is on a week-long (March 28-31) official visit to Việt Nam. Ngân affirmed that Việt Nam supports all foreign invested businesses in the country, including Swiss investors and businesspeople. She hailed the development of bilateral ties in politics and diplomacy as well as trade and investment co-operation, and proposed that exchange visits by delegations of both countries be stepped up and co-ordination at multilateral forums … [Read more...] about NA Chair invites greater Swiss investment in key industries