Vietnam: Promoting the attraction of foreign investment in the supporting industry

Vietnam: Promoting the attraction of foreign investment in the supporting industry

Vietnam has taken significant steps to bolster its supporting industry, aiming to attract foreign investment and promote sustainable growth. The country’s program for the development of the supporting industry, spanning from 2016 to 2025, recently underwent modifications to intensify efforts in attracting foreign capital into this crucial sector. The amendments, outlined in Decision No. 71/QD-TTg signed by Deputy Prime Minister Tran Hong Ha, focus on diversifying activities and fostering international collaboration.

Key Program Highlights

  1. Connecting and Supporting Industrial Enterprises:
    • The program emphasizes the transformation of supporting industrial enterprises into reliable suppliers for both domestic and international markets.
    • Activities include surveys, needs assessments, and the establishment of quality control standards for supporting industrial products.
  2. Promoting Foreign Investment:
    • Special attention is given to attracting foreign investment into the supporting industry.
    • Initiatives involve organizing forums, workshops, and trade fairs to facilitate connections between Vietnamese supporting industrial enterprises and global businesses.
  3. Technical Support and Capacity Building:
    • The program provides technical support and consultancy for supporting industrial businesses and enhancing their capabilities.
    • Evaluation and certification of the competencies of these enterprises play a pivotal role in ensuring adherence to international standards.
  4. Market Expansion and Branding:
    • Efforts are directed towards market expansion, both domestically and internationally.
    • The program supports businesses in promoting their brands, registering trademarks, and exploring new markets.
  5. Human Resource Development:
    • Human resource quality is a key focus, with programs aimed at assessing and addressing the labor needs of supporting industrial businesses.
    • Training initiatives target the enhancement of managerial and technical skills for officials and workers in the sector.
  6. Technology Transfer and Innovation:
    • The program actively promotes research and development, technology transfer, and innovation in the production of supporting industrial components and materials.
    • Collaboration with experts and institutions, both national and international, is encouraged to foster technological advancements.

Decision No. 71/QD-TTg outlines a budget of 870.7 billion VND for the program implementation from 2021 to 2025. This funding, derived from the central economic budget and other allocated funds, underscores the government’s commitment to supporting industrial development. State budget capital amounts to 750.2 billion VND, with an additional 120.5 billion VND from various sources, including sponsorships, contributions, and Official Development Assistance (ODA).

Vietnam’s proactive measures to advance its supporting industry underscore its commitment to economic diversification and global competitiveness. By actively promoting foreign investment, enhancing technical capabilities, and fostering innovation, the country is positioning itself as a key player in the rapidly evolving landscape of the supporting industry. As the program unfolds, it is poised to contribute significantly to Vietnam’s economic growth and technological advancement.

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