Support industries gets priority

Priority will be given to support industrial development sectors such as manufacturing, electronics and informatics, car making and assembly, garments and high-tech industries.

Priority will be given to support industrial development sectors such as manufacturing, electronics and informatics, car making and assembly, garments and high-tech industries, said Deputy Minister of the Ministry of Planning and Investment (MPI) Dang Huy Dong.

Dong made the announcement last week at a seminar entitled “Attracting Japanese SMEs to Industrial Parks for the Development of Supporting Industries in Viet Nam”, organised by the Japan International Co-operation Agency (JICA), the MPI’s Foreign Investment Agency and the Viet Nam Development Forum.

“The Government of Viet Nam has called for investment in high-tech industries with a focus on development of SMEs in Viet Nam and the improvement of competitive ability for enterprises as well as added value for local products, while promoting support industry development,” Dong said.

The deputy minister said support industry projects would be given preference in land use and costs, labour-force recruitment and financial support from the National Fund for Science and Technology Development.

Dong said the seminar was a good chance for Vietnamese officials, industrial zone infrastructure investors to gain industry experience from Japan in attracting SMEs to invest in support industries in Viet Nam.

According to MPI statistics, Japan is one of the biggest investors in Viet Nam, with a total registered capital of US$21.2 billion, making it fourth out of 92 countries and territories. Japanese firms have invested in 962 projects in processing and manufacturing industries, worth $18.3 billion – 86 per cent of Japan’s total registered investment in Viet Nam.

The seminar will focus on ways to attract Japanese SMEs. Industrial park developers, Japanese SMEs, consultants and Government officials will review efforts to attract SMEs, while identifying obstacles and highlighting good practices.

The seminar will also aim to come up with policy recommendations to accelerate investment by Japanese and other countries’ SMEs in support industries in Viet Nam.

The Government plans to pay greater attention to support industries in a bid to add value to products made in Viet Nam, thereby reducing the trade deficit. Attraction of SMEs from foreign countries is believed to be an effective way of promoting support industries in Viet Nam. Numerous industrial parks established with foreign and domestic capital have allocated small lots for SMEs to encourage investment. – Stoxplus.com

Tags: Support industries, Vietnam industries, Vietnam industry