EU strengthens Vietnam's support industries

10:59 | 13/07/2017 Cooperation Follow Ven.vn on

(VEN) - Vietnam’s support industry enterprises have significantly improved their manufacturing capacity and have also connected spare parts manufacturers with buyers worldwide, particularly those in the European market due to a three-year project funded by the European Union.

EU strengthens Vietnam's support industries

Increasing sales

After three years of implementation, the “Vietnam’s Support Industries to Europe” project has contributed significantly to increasing the manufacturing capacity of Vietnam’s support industry enterprises.

During a seminar held in Hanoi on May 29 to review the project, Supporting Industry Enterprises Development Centre (SIDEC) Director Truong Thi Chi Binh reported that of more than 200 participating enterprises, 98 percent increased sales, while 36 percent recorded higher export earnings.

With the project’s support, the Vietnam Association for Support Industries was established in March 2017 to link together businesses, organizations and individuals working in the field. Up to 30 training courses in manufacturing-trade have benefited 1,500 people while 67 stalls were organized for businesses in eight international fairs in Europe.

Do Thi Thuy Huong from the Vietnam Electronics Industries Association said the project has made it easier for Vietnamese firms to supply products to Samsung. Currently, 24 Vietnamese enterprises can provide accessories for Samsung Vietnam.

However the manufacturing capacity of Vietnamese enterprises is still below that of foreign companies. According to the Department of Industry and Trade in Dong Nai, the province has great potential and advantages in terms of industrial development, and has attracted many projects in such fields as electronics, engineering and automobile sector. However, the participation of domestic enterprises is limited.

Solutions

In order to further improve the manufacturing capacity of support industry enterprises, the Ministry of Industry and Trade and ministries should support the business community by organizing more fairs in foreign markets.

“The Vietnam Association for Support Industries plays a key role in helping small and medium-sized enterprises in the country get more involved,” Do Thi Thuy Huong said.

Truong Thi Chi Binh said that in addition to the participation of management agencies, Vietnamese enterprises have to invest more in technologies and ensure the manufacturing of products with competitive prices.

According to Binh, Vietnam is strong in products requiring both machinery and hand assembling, such as electronic circuits that sold well at international fairs.

The government is also being urged to offer incentives to enterprises on loans, technology and training in order to facilitate trade with the European Union.

The European Union funded a 412,000-euro project titled “Vietnam’s Support Industries to Europe”. Its aim was to improve the capacity of Vietnam’s small and medium-sized enterprises in support industries, particularly in engineering, electricity, electronics, plastics and rubber.

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