Log in
Econ

Samsung assists Vietnam enterprises in supporting industries

Supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness, said Minister of Industry and Trade Tran Tuan Anh.

Samsung Vietnam on February 4 signed a memorandum of understanding (MoU) with the Ministry of Industry and Trade (MoIT) and the Hai Duong People’s Committee in providing assistance for Vietnamese enterprises in supporting industries, according to the MoIT.

 Overview of the signing ceremony. Source: MoIT. 

Attending the ceremony, Deputy Prime Minister Vuong Dinh Hue said the move would help Vietnam’s supporting industries further integrate in the global value chain.

Hue said over the past few years, the domestic supporting industries have transformed significantly, particularly with the manufacturing and processing sector becoming a major driving force for economic growth and expanding at an annual growth rate of 9%.

However, there remains a lack of leadership in the supporting industries, while many industrial sectors have not met development targets with low localization rates, Hue added.

With small scale and limited competitiveness, local enterprises are unable to expand integration into the global value chain, Hue asserted.

On the back of the MoU, Hue asked Samsung Vietnam to continue cooperating with the MoIT and provinces/cities in Vietnam in providing training and consultancy for local enterprises, allowing them to take part in the global value chain and that of Samsung in Vietnam.

Minister of Industry and Trade Tran Tuan Anh said supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness.

Anh stressed a development strategy for the supporting industries is vital for Vietnamese enterprises to reach international standards, enhance productivity and optimize production process.

In 2020, the MoIT would continue to cooperate with a number of provinces and cities in drafting policies aiding the development of industrial sectors, focusing on supporting industries.

Choi Joo Ho, CEO of Samsung Vietnam, said the MoU emphasized strong cooperation between the Vietnamese government and Samsung in developing supporting industries.

Choi said in 2014, there were only four Vietnamese enterprises qualified as Tier-1 supplier for Samsung, the figure rose to 42 in 2019 and is expected to reach 50 this year.

Reactions:
Share:
Trending
Most Viewed
Related news
Vietnam unveils new strategies to boost domestic market, aid businesses

Vietnam unveils new strategies to boost domestic market, aid businesses

As global trade uncertainties grow, Vietnam sees the domestic market not only as a key consumption driver but also a “lifeline” for businesses hit by protectionist export barriers.

Vietnam eyes US tilapia export boost as global supply falls

Vietnam eyes US tilapia export boost as global supply falls

Vietnam aims to increase tilapia output to 400,000 tons by 2030, making it the second-largest freshwater export species after pangasius.

Vietnam’s enterprises must act fast to weather US tariff shock: Experts 

Vietnam’s enterprises must act fast to weather US tariff shock: Experts 

Many of the key Vietnamese exports, such as wood products, electronics, and textiles, that are not on the US exclusion list could face steep tariffs.

Vietnam's mobile money pilot program extended to end of 2025

Vietnam's mobile money pilot program extended to end of 2025

Mobile Money, launched by the Ministry of Science and Technology, differs from e-wallets by linking users’ payment accounts directly to mobile phone numbers.

Vietnam taps innovation, global ties to elevate national brand

Vietnam taps innovation, global ties to elevate national brand

Vietnam is intensifying efforts to enhance its national brand, leveraging innovation, global partnerships, and strategic policies to bolster its global competitiveness and market presence.

Vietnam extends US$3.9 billion loan package for agro-forestry-fisheries

Vietnam extends US$3.9 billion loan package for agro-forestry-fisheries

The government has expanded the scope and scale of the credit program for the sectors which brought about US$62.4 billion worth of exports in 2024.

Vietnamese public shows rising satisfaction in 2024 PAPI survey

Vietnamese public shows rising satisfaction in 2024 PAPI survey

The 2024 PAPI survey found increasing citizen satisfaction with governance, but highlighted persistent administrative challenges, climate vulnerability, and gaps in access to public services.

Hanoi calls for VAT cuts and credit support amid US tariffs

Hanoi calls for VAT cuts and credit support amid US tariffs

Hanoi’s export-driven economy faces new challenges as the US, one of its top trading partners, considers imposing steep tariffs on Vietnamese goods.