Association established for supporting industries

11:00 | 16/04/2017 Industry Follow Ven.vn on

(VEN) - Now is the time to establish a Vietnam Association for Supporting Industries (VASI) in order to link support industry businesses and facilitate their development, Truong Thanh Hoai, the Head of the Ministry of Industry and Trade’s Heavy Industry Department, said at a recent conference.

Association established for supporting industries

Existing shortcomings
On March 16, the Ministry of Home Affairs issued a decision allowing the establishment of the Vietnam Association for Supporting Industries (VASI).

Le Duong Quang, head of the VASI Establishment Promotion Committee and former Deputy Minister of Industry and Trade, said support industries were only formed 15 years after multinational groups had established themselves in Vietnam. However, despite efforts by foreign and domestic enterprises to boost such support production, the sector remains small and uncompetitive.

According to the General Statistics Office, among the existing 1,500 support industry businesses in Vietnam, only about 500 are operational, providing accessories for several industries, such as motorbikes and textiles and garments. “The number is too small, falling short of demand. They fail to contribute to implementing the industrialization and modernization strategy and creating high added values for industries in the next ten years,” said Le Duong Quang.

So far, Vietnamese support industry businesses have developed under their own steam, rather than receiving support from the government, although a series of governmental directions for support industry development have been announced. Businesses in the sector have faced numerous hurdles in terms of access to low-interest loans, production sites, human resources training, application of international standards, links with buyers and trade promotion activities.

Support industry centers
Le Duong Quang also said support industry businesses are in dire need of an independent organization to link them and build capacity to meet increasing demand in the context of increasing globalization.

Agreeing with Le Duong Quang, Nguyen Quoc Binh, general director of the Hanel One-member Co., Ltd. said such an organization would provide VASI members with support and ability to link with each other in order to make the most of technology and increase their share of the market.

Many businesses said they also expect VASI membership would make it possible for them to get a bigger number of production orders and get access to advanced, specialized foreign technologies.

Also according to Truong Thanh Hoai, the government has already announced Decree 115/2015/ND-CP and has recently made public Decision 68/QD-TTg, adopting a support industry development program with total funds of more than VND1 trillion from now until 2020, with a vision to 2025, in an aim to boost the development of support industries. “In the near future three support industry development centers will be set up in Hanoi, the central region and Ho Chi Minh City to give technical support and administrative advice to businesses,” said Truong Thanh Hoai.

The Ministry of Home Affairs issued Decision 835/QD-BNV on March 16, 2017 allowing the establishment of a Vietnam Association for Supporting Industries (VASI) tasked with gathering businesses in the sector, building their capacity, including them in outlining policies, and seeking opportunities at home and abroad.

Lan Anh

See more news

Dak Lak seeks improved industrial policies

08:00 | 10/03/2023 Industry promotion

(VEN) - The Department of Industry and Trade of the Central Highlands province of Dak Lak has proposed amending and supplementing industrial cluster (IC) management and development regulations.

Vietnam eyes green hydrogen development

09:33 | 09/03/2023 Energy

(VEN) - On March 7 in Da Nang City, the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, the ASEAN-Japan Center, and the Vietnamese Trade Office in Japan jointly held a workshop on the application and development of the hydrogen technology in green energy transition.

Coffee industry needs sustainable development to target $6b in exports by 2030

07:00 | 08/03/2023 Industry

Việt Nam's coffee industry needs to solve many challenges to achieve sustainable development, targeting an export value of US$6 billion in 2030.

Diagnostic study on Net-Zero for energy sector in Vietnam kicked off

15:09 | 07/03/2023 Energy

The “Diagnostic study on Net-Zero for the energy sector in Vietnam” will analyse emission reduction measures to achieve net-zero emissions.

Rise of February industrial production index

07:00 | 05/03/2023 Industry

(VEN) - According to data from the General Statistics Office of Vietnam, industrial production in February 2023 grew an estimated 5.1 percent compared with January due to a higher number of working days.

Cashew industry moves to boost green production, consumption

08:00 | 03/03/2023 Industry

Although the cashew nut processing and exporting industry was warned of many difficulties in 2023, Vietnamese exporters still have many opportunities to boost exports if both businesses and farmers turn to green production, insiders have said.

Unclogging textile-garment sector supply chain

06:00 | 01/03/2023 Support industries

(VEN) - The government’s backing, especially investment capital and legislation on raw material production, is important and necessary to develop textile and garment support industries.

Ba Ria-Vung Tau boosts industrial development

10:00 | 25/02/2023 Industry

(VEN) - A network of industry promotion collaborators has been operating in the southeastern province of Ba Ria-Vung Tau for more than a year, energizing local industry promotion development.

Diversification needed in investment resources

07:00 | 24/02/2023 Industry

(VEN) - According to the Ministry of Industry and Trade’s Agency of Regional Industry and Trade (ARIT), a national industry promotion program worth about VND140 billion approved for 2022 has been implemented on schedule.

Auto industry heavily reliant on imports

06:00 | 22/02/2023 Support industries

(VEN) - In order to develop Vietnam’s automobile support industry, domestic enterprises need the help of leading enterprises and state policies.

Latest Most Read

Vietnam Manufacturing Expo & NEPCON Vietnam exhibition 2023 kick off

16:41 | 22/03/2023 Support industries

Reed Tradex Vietnam, the ASEAN's leading exhibition organizer announced the kick-start of Vietnam Manufacturing Expo (VME) & NEPCON Vietnam exhibition 2023.

Visa exemption means int'l tourists can visit Phu Quoc for up to 30 days

16:32 | 22/03/2023 Tourism

Phu Quoc Island is an ideal choice for travel and long-term relaxation, with a complete visa exemption policy for international visitors, a temporary stay of up to 30 days, a populous and rich nature, and impressive architecture.

Emirates unveils new signature livery for its fleet

16:14 | 22/03/2023 Companies

The distinctive livery of the world’s largest international airline, Emirates, has undergone a refresh.

Bamboo Airways to launch Viet Nam’s longest domestic air route from April

14:53 | 22/03/2023 Vietnamese Brands

On April 29, Bamboo Airways will launch an air service between the capital city of Ha Noi and the southernmost province of Ca Mau, making it the longest domestic route served by a local carrier.

Việt Nam carries out measures for healthy forests

10:30 | 22/03/2023 Environment

At a forum on the International Day of the Forest yesterday in Hà Nội, Phạm Hồng Lượng, chief of office of the General Department of Forestry, stressed the importance of raising awareness about the role of forests in human life to work together in forest protection and sustainable forest exploitation.

Xoan singing in Phu Tho Province

06:00 | 12/03/2023 Lifestyle

(VEN) - Xoan singing is an ancient art performed during the first two months of the lunar year and designated by the United Nations Educational, Scientific and Cultural Organization (UNESCO) as a valuable intangible cultural heritage of the northern Vietnamese province of Phu Tho. It is based on the Vietnamese practice of ancestor worship and dates back to the period of the 18 Hung kings who ruled northern Vietnam from 2879-258 BCE. However, some music researchers believe that Xoan singing emerged much later, during the Later Le Dynasty (1428-1789 AD), as the lyrics bear literary forms and styles of the period.

Fresh produce exports set to grow

06:00 | 10/03/2023 Major exports

(VEN) - The Vietnamese fruit and vegetable sector poised for promising year as exports rose 3.1 percent in January 2023.

Son La Dam’s powerful tourism potential

06:00 | 11/03/2023 Tourism

(VEN) - The area of the Son La hydropower reservoir, with its cultural features of the Thai, Tay and La Hu ethnic groups, is being awakened by tourism development to benefit local residents.

Ministry betters business environment

13:00 | 11/03/2023 Economy

(VEN) - The Ministry of Industry and Trade (MoIT) has implemented government resolutions on improving the business environment and enhancing national competitiveness.

Hanoi economy presents mixed picture

13:00 | 12/03/2023 Metropolis

(VEN) - Hanoi’s total retail sales of goods and services increased 18 percent in January compared with the same period last year. The capital has also identified 22 targets for socioeconomic development in 2023.

Multimedia

Video Longform Infographic Photo

Festivals in Sapa

10:05 | 22/03/2023 Entertainment

(VEN) - Sa Pa Town in the northern province of Lao Cai celebrates the 120th anniversary of its tourism this year with a series of special events, including a spectacular art program introducing the history of the Sa Pa national tourist area and its attractive and unique tourism products, as well as its targets in the future.

50th anniversary of Vietnam-Belgium diplomatic relations

07:00 | 22/03/2023 Infographic

Vietnam and Belgium have experienced a 50-year partnership marked by sound friendship and fruitful cooperation.

Amazingly beautiful Ninh Thuan

09:13 | 20/03/2023 Video

(VEN) - The south central coastal province of Ninh Thuan is renowned for its beautiful, pristine beaches and vast white salt fields. Visitors are recommended to travel to the province from April to June to enjoy their summer vacations, and from August to October when the grape-harvesting season falls and unique local festivals of the Cham people take place.

Tra fish exports hold promise after China reopens borders

07:00 | 20/03/2023 Infographic

Tra fish exports are expected to recover shortly with China gradually reopening its borders.

Lao Cai Province welcomes first Chinese tourists after three years

08:49 | 17/03/2023 Tourism

Eighty Chinese tourists entered Vietnam via the Lao Cai International Border Gate on March 15 afternoon, marking the return of Chinese travellers to the northern mountainous province of Lao Cai after a three-year hiatus caused by the COVID-19 pandemic.

Policy

Animal feed industry asks for import tax reduction on raw materials

09:55 | 20/03/2023 Policy

The Government has received a proposal from the Vietnam Feed Association to eliminate the import tax on soybean meal, currently set at 2%.

Over 250 petitions submitted to authorities on fragility of petroleum regulations

18:07 | 16/03/2023 Policy

The petitions concern the alteration of petroleum business restrictions in decrees No.83/2014/ND-CP and No.95/2021/NQ-CP, resulting in losses for retail establishments.

New legal documents in second half of February 2023

07:00 | 12/03/2023 Policy

VEN lists the latest legal documents issued by the Vietnamese Government, ministries and state agencies.

Companies allowed to make bond payments with other assets

07:00 | 09/03/2023 Policy

Companies shall be allowed to make bond payments with other assets, according to the Government's recently-released Decree 08/2023/ND-CP issued.

Industry & Trade

Vietnam Manufacturing Expo & NEPCON Vietnam exhibition 2023 kick off

16:41 | 22/03/2023 Support industries

Reed Tradex Vietnam, the ASEAN's leading exhibition organizer announced the kick-start of Vietnam Manufacturing Expo (VME) & NEPCON Vietnam exhibition 2023.

Offshore wind energy an essential base load power source: official

14:30 | 20/03/2023 Energy

Uncorking bottlenecks for support industry development

06:00 | 18/03/2023 Industry

Da Nang greens textile-garment industry

13:00 | 17/03/2023 Energy

Investment

US businesses exploring investment, business opportunities in Vietnam

10:01 | 21/03/2023 FDI

Representatives of more than 50 US companies will visit Vietnam from March 21-22 to discuss investment and business opportunities under an annual programme hosted by the US-ASEAN Business Council.

Da Nang hopes for further investment from RoK city

09:13 | 17/03/2023 FDI

Secretary of the Da Nang municipal Party Committee Nguyen Van Quang said he hopes that the city of Daegu in the Republic of Korea (RoK) will cooperate with the Vietnamese central city and invest more in its hi-tech sector, along with education, training and tourism.

Initiative speeds up investment disbursement

06:00 | 14/03/2023 Domestic investment

(VEN) - Prime Minister Pham Minh Chinh has asked ministries, sectors and localities to ensure the quality and effectiveness of public investment projects and achieve a higher disbursement rate in 2023.

Hanoi builds synchronous policies to draw foreign investment

07:25 | 11/03/2023 FDI

A conference linking hundreds of Hanoi and Singaporean enterprises was held in the capital city of Hanoi on March 7. The event was co-hosted by the municipal Department of Industry and Trade, the Vietnam Trade Office in Singapore, the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and the Vietnam Chamber of Commerce and Industry (VCCI).

Finance-Banking

Vietnam seeks response to corporate tax overhaul

06:00 | 20/03/2023 Finance-Banking

(VEN) - All European Union states and many other countries will introduce a global minimum tax (GMT) of 15 percent on large corporations by the start of 2024, and Vietnam is being urged to devise appropriate policies and adapt to the new taxation.

Vietnam’s regulatory interest rates to be reduced by 0.5-1 percent

07:05 | 16/03/2023 Finance-Banking

The State Bank of Vietnam (SBV) on March 14 issued two decisions to reduce regulatory interest rates by 0.5% to 1%, which will come into force on March 15.

Global Minimum Tax a head-scratcher for Vietnamese policymakers

06:00 | 13/03/2023 Finance-Banking

As many countries plan to adopt the Global Minimum Tax Rate (GMTR) in 2024, experts are concerned that the entry into force of the rate would discourage foreign companies from locating their operations in low-tax countries.

Program seeks to solve business capital needs

13:00 | 10/03/2023 Finance-Banking

(VEN) - A series of commercial banks have moved to reduce lending interest rates in response to strong messages by the Government and the State Bank of Vietnam (SBV) about supporting the economy and business sector.

Environment

Việt Nam carries out measures for healthy forests

10:30 | 22/03/2023 Environment

COP28 President-Designate to co-chair Copenhagen climate ministerial meeting

09:46 | 22/03/2023 Environment

Dr. Sultan Al Jaber, COP28 President-Designate, will visit Copenhagen to co-chair the Copenhagen Climate Ministerial with His Excellency Sameh Shoukry, Minister of Foreign Affairs, COP27 President and Foreign Minister of the Arab Republic of Egypt.

Practical effective activities urged to mark World Water Day

10:03 | 20/03/2023 Environment

The Ministry of Natural Resources and Environment has asked other ministries, agencies, sectors, localities, and organisations to take practical and effective activities to mark the World Water Day (March 22), the World Meteorological Day (March 23), and the Earth Hour 2023 (March 25).

BKEET steams ahead with waste treatment

13:00 | 15/03/2023 Make in Vietnam

(VEN) - After research spanning 20 years, solid waste incinerators produced by the Bach Khoa Hanoi Energy and Environment Joint Stock Company (BKEET) are operating across the country.

Science - Technology

Science, technology, innovation promoted to support national development

06:00 | 22/03/2023 Science - Technology

Various measures will be rolled out from now to 2025 to fine tune science and technology organisations and perfect the legal foundation for state management of science, technology and innovation.

Vietnam introduces automated sorting system

13:00 | 20/03/2023 Make in Vietnam

(VEN) - The successful design, manufacturing and operation of an automatic goods sorting system has contributed to optimizing the production process and cutting the costs of logistics enterprises. Vietnam Economic News’ Quynh Nga interviewed Dr. Phan Dang Phong, Director of the National Research Institute of Mechanical Engineering (NARIME) under the Ministry of Industry and Trade (MoIT), about this technology.

Domestic ICT firms well-positioned to reach out to the world

06:00 | 20/03/2023 Science - Technology

Vietnam's information and communication technology (ICT) companies are well-positioned to make strong breakthroughs and reach out to the world in the near future, on the back of widespread Internet access, abundant workforce and support from authorities at all levels.

Innovation platforms boosting sustainable development announced

Association established for supporting industries

See also

See more news

Multimedia