Firms urged to cut back on imported materials

The Ministry of Industry and Trade is calling on local firms to reduce their dependence of imports of machinery parts, vehicles and raw materials such as sugar, salt, steel and conrete, which account for nearly 83 percent of Viet Nam ‘s total imports in terms of value.

The ministry said that 150 of the products or raw materials that are imported can now be sourced domestically – as opposed to 95 as of May 2010.

The ministry issued decree number QD2840/QD-BCT a few years ago that named products and raw materials that could be bought locally. Most of those products include machinery used in the power industry, equipment used in production lines for rubber and fertilizer, lorries under 10 tonnes, coaches with fewer than 50 seats, fertilizer, combine harvesters, motorbikes; and raw materials such as sugar, salt, steel and cement.

However, Le Duong Quang, the deputy trade minister, said the Government should introduce protectionist measures to make local producers of machines and machinery parts more competitive domestically. He also said local producers are only capable of making simple machines, or assemble more complex items made abroad. – VOV

Tags: Vietnam imports, Vietnam trade

Posted by VBN on Oct 5 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry