70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Samsung assists Vietnam enterprises in supporting industries
Ngoc Mai 12:40, 2020/02/05
Supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness, said Minister of Industry and Trade Tran Tuan Anh.

Samsung Vietnam on February 4 signed a memorandum of understanding (MoU) with the Ministry of Industry and Trade (MoIT) and the Hai Duong People’s Committee in providing assistance for Vietnamese enterprises in supporting industries, according to the MoIT.

 Overview of the signing ceremony. Source: MoIT. 

Attending the ceremony, Deputy Prime Minister Vuong Dinh Hue said the move would help Vietnam’s supporting industries further integrate in the global value chain.

Hue said over the past few years, the domestic supporting industries have transformed significantly, particularly with the manufacturing and processing sector becoming a major driving force for economic growth and expanding at an annual growth rate of 9%.

However, there remains a lack of leadership in the supporting industries, while many industrial sectors have not met development targets with low localization rates, Hue added.

With small scale and limited competitiveness, local enterprises are unable to expand integration into the global value chain, Hue asserted.

On the back of the MoU, Hue asked Samsung Vietnam to continue cooperating with the MoIT and provinces/cities in Vietnam in providing training and consultancy for local enterprises, allowing them to take part in the global value chain and that of Samsung in Vietnam.

Minister of Industry and Trade Tran Tuan Anh said supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness.

Anh stressed a development strategy for the supporting industries is vital for Vietnamese enterprises to reach international standards, enhance productivity and optimize production process.

In 2020, the MoIT would continue to cooperate with a number of provinces and cities in drafting policies aiding the development of industrial sectors, focusing on supporting industries.

Choi Joo Ho, CEO of Samsung Vietnam, said the MoU emphasized strong cooperation between the Vietnamese government and Samsung in developing supporting industries.

Choi said in 2014, there were only four Vietnamese enterprises qualified as Tier-1 supplier for Samsung, the figure rose to 42 in 2019 and is expected to reach 50 this year.

TAG: Vietnam Samsung South Korea supporting industries Hai Duong province Vuong Dinh Hue Tran Tuan Anh
Other news
12:23, 2024/06/13
Vietnam, Germany eye cooperation on energy transition
Germany stands ready to cooperate with Vietnam on energy transition through the Just Energy Transition Partnership (JETP).
11:18, 2024/06/13
Deputy PM presses for new electricity pricing scenarios in June
Any increase in electricity prices should be carefully planned in terms of size and timing to ensure market alignment, reduce losses for EVN, and meet inflation control goals.
15:30, 2024/06/11
UOB predicts Vietnam’s GDP to grow by 6% in Q2
Along with the 6% forecast for Q2, UOB maintains Vietnam’s annual growth forecast at 6% for the year.
14:52, 2024/06/11
Vietnam to release national green criteria
For Vietnamese companies wanting to go international and attract foreign investment, green standards are crucial.
22:10, 2024/06/08
Hanoi to hold dialogue with FDI firms in August
The event will be attended by the representatives of between 50 and 60 foreign companies that are active in Hanoi.
19:25, 2024/06/08
Vietnam's manufacturing boom: Japanese giants see golden opportunity
Japan Business Pitch Vol.1 held in Hanoi aims to explore collaboration opportunities between Japanese and Vietnamese businesses, particularly in the manufacturing sector.