Domestic businesses need stronger support
Export businesses will receive strong support to grow in a sustainable manner in the near future
Leading businesses
According to the Ministry of Industry and Trade, Vietnam exported US$134.62 billion worth of goods in the first 10 months of this year, an 8.5 percent increase from a year ago. Of this, the domestic sector contributed US$39.5 billion or 29.3 percent.
As a result of increasing integration, Vietnam has become an attractive destination for leading global groups. With strong finance, established brand names and modern production technology, these groups have grown rapidly in terms of production and export. International giants such as Samsung and Canon accounted for a large percentage of total export revenues from this sector.
Deputy Minister of Industry and Trade Tran Tuan Anh said that export growth currently relies greatly on FDI enterprises. However, he said it is necessary to establish strong domestic businesses which will be able to compete globally and to lead the whole sector after cooperation with and learning from FDI partners.
During the process of international economic integration, many domestic firms have generated hundreds of millions of US dollars-worth of exports. They have also been able to compete internationally and to take part in global supply chains.
Bui Viet Quang, Deputy General Director of the Song Hong Garment Corporation, said their partners highly appreciated Song Hong. The corporation currently produces and exports garments to the US, the European Union and Japan for famous brands such as Gap, Zara, Mango, Columbia Sportswear, C&A and Calvin Klein. Song Hong has made and exported dozens of millions of garment products worth almost US$200 million per year.
According to Vu Van Thanh, Deputy General Director of the Hoa Sen Group (HSG), the group has achieved impressive growth during the 2014-2015 fiscal year, despite difficulties in the steel market. He also said that exports were the group’s growth engine with output of 425,581 tonnes of steel and revenues of about US$322 million accounting for 41 percent of HSG’s total revenues during this fiscal year.
Stronger support
Deputy Minister of Industry and Trade Tran Tuan Anh underscored the need to have strong domestic businesses which are able to provide materials for the production sector, help establish sustainable Vietnamese brand names, lead in exports and help Vietnam build a position in international trade.
Tran Tuan Anh said the Ministry of Industry and Trade is working with related ministries, sectors, business associations and enterprises in an effort to help businesses overcome major challenges, expand their markets and grow.
In addition, it is necessary to stabilize the macro economy, improve the legal environment, and provide preferential credit for businesses in order for them to renew technology and produce competitive and high-added-value products. The Ministry of Industry and Trade will continue working with business associations on measures to develop the market via trade promotion activities.
Tran Tuan Anh also said the Ministry of Industry and Trade and related ministries and agencies are getting together in an effort to help businesses build capacity and broaden their understanding of trade and technical barriers to protect the domestic economy in international trade.
Phuong Lan
See also

Agro-forestry-fishery exports reach 3.7 billion USD in January
11:26 | 07/02/2023 Major exports

Vietnam’s retail sales forecast to reach 350 billion USD by 2025
08:00 | 06/02/2023 Domestic market

Vietnam develops green agriculture to increase exports to EU
07:00 | 05/02/2023 Major exports

Vietnam’s rice export forecast to enjoy another successful year
07:00 | 04/02/2023 Major exports

Garment, footwear exports aim to reach US$80 billion by 2025
07:00 | 02/02/2023 Major exports

Vietnam pursues green foreign trade
06:00 | 02/02/2023 Foreign trade
See more news

Bright future for wood pellet exports: experts
06:00 | 01/02/2023 Foreign trade

Vietnam posts trade surplus of 3.6 billion USD in January
10:03 | 31/01/2023 Foreign trade

Agro-forestry-fishery exports set new record in 2022
15:20 | 27/01/2023 Infographic

Trade with UK: Record growth, untapped potential
06:00 | 13/01/2023 Foreign trade

2022 foreign trade reaches a record high
08:12 | 04/01/2023 Longform

Garment exports expected at more than US$45 billion in 2023
16:29 | 03/01/2023 Foreign trade

First cargo welcomed in Hai Phong, Da Nang
10:20 | 03/01/2023 Foreign trade

Vietnam targets textile-garment export growth
06:00 | 03/01/2023 Major exports

The path to fostering green exports
06:00 | 30/12/2022 Trade

Agro-forestry-fishery exports to UK overcome barriers
06:00 | 28/12/2022 Major exports

Foreign visitors to Vietnam surge 44.2 times
09:12 | 08/02/2023 Infographic

British official in Vietnam to boost accession to CPTPP
09:00 | 08/02/2023 News and Events

Banks lower saving interest rates right after Tet
08:22 | 08/02/2023 Finance-Banking

Positive signs for Vietnam’s labour market
07:00 | 08/02/2023 Society

Artists Cơ, Nghiệp set Guinness World Record in last int'l show
06:00 | 08/02/2023 Lifestyle
Multimedia

Foreign visitors to Vietnam surge 44.2 times
09:12 | 08/02/2023 Infographic

The woman who revived Kim Hoang folk paintings
06:00 | 04/02/2023 Entertainment

Artists Cơ, Nghiệp set Guinness World Record in last int'l show
06:00 | 08/02/2023 Lifestyle

The unique Giong Festival of Hanoi
09:00 | 07/02/2023 Photo

Ministry of Industry and Trade: New posture and mindset for the new development period
11:41 | 17/01/2023 Longform

Screening tools to enhance FDI quality
06:00 | 05/02/2023 Policy

Prime Minister demands faster disbursement of public investment capital
17:29 | 03/02/2023 Policy

Deputy FM highlights role of economic diplomacy in service of national development
11:05 | 01/02/2023 Policy

Việt Nam supports expansion of UN Security Council
06:00 | 30/01/2023 Policy

Industrial production: Achievements and lessons
06:00 | 08/02/2023 Industry

Food and beverage industry to do well this year despite modest economy
13:00 | 03/02/2023 Industry

Moving ahead with 2023’s Global Priorities: Electrification and Decarbonization
15:05 | 02/02/2023 Industry

Hanoi eyes 950 firms in support industries this year
06:00 | 02/02/2023 Support industries

Hanoi, HCM City record highest disbursement of public investment capital in January
08:20 | 07/02/2023 Domestic investment

Hai Phong pledges optimal conditions for investors
09:00 | 04/02/2023 FDI

Greening foreign investment
06:00 | 03/02/2023 FDI

Southeast region prepares for new FDI wave
09:18 | 02/02/2023 FDI

Banks lower saving interest rates right after Tet
08:22 | 08/02/2023 Finance-Banking

Foreign investors remain optimistic about Vietnamese stock market
09:03 | 06/02/2023 Stock Market

Tax revenue up 4.4 percent year-on-year in January
08:40 | 03/02/2023 Finance-Banking

State-owned banks under capital increase pressure
10:52 | 01/02/2023 Finance-Banking

Vietnam looks ahead to 2023 climate summit
06:00 | 25/12/2022 Environment

Preserving nature, facilitating business
06:00 | 10/12/2022 Environment

AkzoNobel Vietnam protects Cu Lao Xanh lighthouse against harsh weather
11:40 | 24/11/2022 Environment

JTI Vietnam commits to net zero greenhouse gas emissions
16:25 | 15/11/2022 Environment

Seven technologies to watch in 2023
06:00 | 07/02/2023 Science - Technology

Technology trends to watch in 2023
06:00 | 05/02/2023 Science - Technology

Managed security provides IT talent gap solution for businesses in SEA
16:34 | 30/01/2023 Information technology

Headquarters of Vietnam-Korea Institute of Science and Technology inaugurated
09:23 | 30/01/2023 Science - Technology

Positive signs for Vietnam’s labour market
07:00 | 08/02/2023 Society

Illegal fishing tackled with drastic measures to remove 'yellow card'
11:13 | 07/02/2023 Society

Hunting for real estate investment opportunities after Tet
09:32 | 03/02/2023 Property

Vietnamese university up 97 places in Webometrics ranking
10:00 | 02/02/2023 Society

JTI Vietnam certified as Top Employer for 3rd year
15:05 | 07/02/2023 Companies

Doosan Vina and Chung Ang University continue educational CSR program
10:32 | 06/02/2023 Vietnamese Brands

Nestlé Vietnam and the journey to sustainable development
13:00 | 10/01/2023 Companies

VIMC embarks on strong recovery
06:00 | 10/01/2023 Companies

Artists Cơ, Nghiệp set Guinness World Record in last int'l show
06:00 | 08/02/2023 Lifestyle

The unique Giong Festival of Hanoi
09:00 | 07/02/2023 Photo

Late artist Nguyen Tu Nghiem's works on display in rare exhibition
08:00 | 07/02/2023 Lifestyle

The woman who revived Kim Hoang folk paintings
06:00 | 04/02/2023 Entertainment

Foreign visitors to Vietnam surge 44.2 times
09:12 | 08/02/2023 Infographic

About nine million Vietnamese travel during Tet holiday, revenues down
09:00 | 07/02/2023 Tourism

18,000 tourists spend US$18.3 million on foreign tours during Lunar New Year
08:00 | 05/02/2023 Tourism

Vietnam listed among top places to visit in the New Year
06:00 | 04/02/2023 Tourism