Vietnam strives to develop market for supporting industry
Vietnam needs to have consistent policies and resolutions for leading its domestic supporting industry.
By promoting manufacturing and assembly industries, the market for supporting industry in Vietnam will be maintained and expanded, creating the basis for supporting industry enterprises to become suppliers in the supply chains.
Vietnam develops market for supporting industry
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Therefore, it is necessary to have appropriate policies to protect the domestic market and create a healthy business environment to promote domestic industrial production.
It is necessary to have consistent policies and resolutions, focus on supporting some key Vietnamese enterprises in the main industries such as automobile, electronics, textiles and leather to become regional corporations, creating spillover effects and leading domestic supporting industry.
In addition, there should be appropriate supporting measures for industrial enterprises to effectively participate in the free trade agreements (FTAs) to which Vietnam is a party.
Besides, it needs to formulate policies on import tax for flexible and suitable components and spare parts so as to help manufacturers reduce production costs for the finished products and raise their competitiveness compared to the imported goods.
In the long term, there should be mechanisms and policies to attract investment from multinational corporations to invest in large scale projects in Vietnam. It is necessary to actively remove barriers, fight monopoly behavior and unfair competition, develop modern business forms and methods.
One of the most important solutions to promote the supporting industry is the development of materials industries, that will help supporting industry to be more self-reliant on input materials, reduce their reliance on imported inputs.
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