The Hanoi Department of Industry and Trade is set to host a series of fairs and exhibitions in 2023, aiming to facilitate valuable connections between local businesses and leading technology companies worldwide.

Production at Channel Well Technology Vietnam in Quang Minh Industrial Park, Hanoi. Photo: Pham Hung/ The Hanoi Times

Tran Thi Phuong Lan, director of Hanoi's Department of Industry and Trade, shared the annual plan with The Hanoi Times, underscoring the persistent challenges encountered by manufacturers in securing new orders and contending with fierce competition from domestic firms and cheap imported products.

"Therefore, support from Government agencies is needed to bring together businesses from different sectors, understand their needs, create favorable conditions for cooperation to enhance production capacity, improve product quality, and foster new partnerships to bolster product consumption," she stressed.

Under the plan, local authorities will invite 30 to 40 technology developers from the US, EU, Japan, and South Korea to participate in the program.

Hanoi expects these international companies to provide technical and financial support to local industrial producers to develop their key products.

According to the agency, about 900 local companies are involved in ancillary industries, including nearly 300 whose products meet international standards. This number is constantly increasing.

As a result, more and more opportunities are opening up for businesses in the ancillary industry, especially as many foreign companies have chosen Vietnam for relocation, Lan added.

"In the coming period, the department and relevant units will focus on improving the ancillary industries and key industrial enterprises while fostering sustainable production and business activities. In this way, Hanoi aims to achieve the industrial growth target of 7 to 7.5% in 2023," Lan said.

The city also expects to develop 30 to 35 key industrial products in 2023, half of which will be new ones. 

Last month, the Hanoi Department of Industry and Trade organized the "Hanoi Industrial Product, Machinery, Equipment, and Automation Trade Fair 2023" in coordination with relevant agencies.

At the event, industrial enterprises in Hanoi and foreign markets such as South Korea, Japan, Thailand, and China exhibited key supporting products such as components, spare parts, and products for high-tech industries in 250 booths.

The city recognized 33 products from 25 enterprises as the city's key industrial items in 2022. The selected enterprises have a combined revenue of VND76.8 trillion (US$3.27 billion) and an export turnover of US$550 million.

Among them, two entered the list of Vietnam's 500 largest enterprises were Thuong Dinh Electric Wire and Cable JSC and Garment 10 Corporation JSC, and 11 joined the program for the first time with 15 new products, recorded sales of VND9.4 trillion (US$408 million) last year.

With the support of Government agencies and policies, Hanoi's industrial sector is expected to develop rapidly, contributing to the city's economic growth and promoting sustainable development.