Program launched to help domestic suppliers meet int’l standards

09:57 | 29/05/2018 Society

A new program was launched in Hanoi on May 24 to help Vietnamese firms become suppliers of multinational corporations and as well as expand operations and improve added values of existing suppliers.

The program is the first step to improve competitiveness of domestic firms - Photo: VNA

The two-year program will help domestic suppliers meet requirements of multinational corporations in terms of quality, prices and delivery, as well as connect with partners.

The project was launched by the Ministry of Industry and Trade’s Industrial Department and the International Finance Corporation – a member of the World Bank.

In the next two years, the program will partner with eight multinational corporations in the fields of automobiles, electronics, energy and consumer goods, including Bosch, Canon, Datalogic, Denso, Ford, General Electric, Panasonic and Toyota. As many as 45 domestic enterprises, as recommended by multinational corporations and trade associations, have been chosen to join the program.

Via close consultation with multinational corporations, the program will also evaluate business opportunities and competitiveness of participating suppliers.

If successful, similar schemes will be spread in other sectors with different multinational corporations, creating more opportunities for other firms.