Ministry of industry and trade

Without mutual support, domestic manufacturers continue to wait for market capacity to be large enough to accept competition with suppliers from outside. With the right incentives, localisation is expected to boost manufacturing nationwide As many final consumer products require a series of manufacturing processes, when mass producing, one cannot do it all by themselves. This is how new supply chains are formed, however, without the concept of supporting or ancillary industries. Within the motorbike market, each year Vietnam consumes nearly three million units. Such output is very attractive for manufacturers, who easily achieve efficiency brought about by mass production. When implementing localisation, it is not difficult to attract suppliers whose supply chain is specialised and professional at each stage. The supply chain is formed by the needs and advantages of the market, without requiring a policy for the development of the supporting industry. Meanwhile, … [Read more...] about The new face of manufacturing supporting industries

Over the last two months, Indian investors have organised events and field surveys across the country to look for opportunities. A view of the 2022 Horasis India Meeting (Photo: VNA) The Confederation of Indian Industries led a delegation of 15 leading companies to Vietnam on September 25-28 to participate in the India-Vietnam Business Forums held in the southern province of Binh Duong and Hanoi. Indian investors are looking for local partners to enhance bilateral cooperation in various sectors, such as energy, electric vehicles, IT, petrochemicals, healthcare, water treatment, food and beverages, fertilisers, and food processing. “We want to establish a joint venture with local partners to set up an integrated biotech laboratory, which can be used to manufacture biotech products for agriculture, veterinary products, and aquaculture products,” said Mekala Lakshmi Prasad, managing director of agri- and aquaculture group Sujay Biotech. In late August, 25 automotive … [Read more...] about Indian-based financiers eager to pour further investment into the country

The General Statistics Office (GSO) last week reported that after growing 5.03 per cent in Q1 2022, the Vietnamese economy bounced back to 7.72 per cent in Q2, and 13.67 per cent in Q3. Vietnam impressing with GDP growth - illustration photo In the first nine months of this year, it grew 8.83 per cent against the 1.42 per cent in the same period last year and only 2.12 per cent in that of 2020, representing the biggest 5-month increase in a decade. The agro-forestry-fishery expanded 2.99 per cent on-year, while the rates of the industry and construction sector and the service sector were 9.44 and 10.57 per cent, respectively. “The 9-month economic situation has flourished in almost all sectors. The economy’s production and business activities in Q3 have strongly grown on-year,” said GSO general director Nguyen Thi Huong. “Many sectors have bounced back strongly, especially industrial production, making it more favourable for the economy to reach the desired growth … [Read more...] about Vietnam impressing with GDP growth