The formation of local supply chains remains core for Vietnam’s sustainable industrial sector in the future, said a local senior official.

Key goals include continued strong economic growth, driven by manufacturing, and supported by a further integration into global supply chains through the pursuit of trade pacts and export market diversification.

One third of such number would be able to take part in global supply chains of multinationals in Vietnam.

In 2021, the trade ministry eyes an increase of 4-5% in trade turnover from an estimated US$543.9 billion last year.

While the Covid-19 pandemic further exposes Vietnam’s shortcomings from its highly dependence on both the global supply and demand sides, it is also a golden opportunity for the country to narrow development gap with regional peers.

The Vietnam Technology Advice and Solutions from Korea Center (VITASK) is expected to help Vietnamese automotive and electrical-electronic enterprises improve their capacity and deeply participate in the global supply chain.

Vietnam’s stable political environment, rapid economic growth, competitive production cost and a large workforce are key factor ensuring the country’s status as an attractive investment destination.

The RCEP along with other free trade agreements that Vietnam is a part of would continue to help the country become an attractive investment destination globally.

The EVFTA is the EU’s “vote of confidence” of Vietnam's ongoing reform efforts, as well as the country’s strategic significance in the global stage, stated a EuroCham senior executive.