Vietnam’s supporting industry remains underdeveloped, currently meeting only 10% of domestic production and consumption needs. Despite nearly 900,000 businesses nationwide, just 0.2% operate in this sector. Heavy reliance on imported components underscores Vietnam’s vulnerability and dependence on global supply chains. Key challenges include limited competitiveness, low localisation rates, and strict quality and technology standards set by foreign partners, particularly FDI firms. The government aims to increase the supporting industry’s contribution to 45% of domestic demand and 25% of exports by 2030. Achieving this requires a comprehensive strategy encompassing regulatory reform, proactive material sourcing, and alignment with international trade commitments. Resolution 68 promotes private sector engagement and digital transformation to improve competitiveness. Experts stress the importance of adopting international standards in management and internal controls to strengthen Vietnam’s role in global value chains. With the right policies and business engagement, Vietnam holds strong potential to elevate its supporting industry to a globally competitive level. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News