Better technologies help firms become entrenched in global value chains

Vietnamese enterprises should dig into new technologies to improve product quality and brands so as to better engage in the global value chains, Minister of Industry and Trade Tran Tuan Anh has said.
Better technologies help firms become entrenched in global value chains ảnh 1VinGroup's Vsmart phones are distributed in Spain via MediaMarkt electronics retailer. (Photo: enternews.vn)

Hanoi (VNA) - Vietnamese enterprises should dig into newtechnologies to improve product quality and brands so as to better engage inthe global value chains, Minister of Industry and Trade Tran Tuan Anh has said.

Anh, who is also Chairman of the Party Central Committee’s Economic Commission,suggested that technological development within businesses could be madethrough close cooperation with foreign-invested enterprises and encouragingtechnology transfer.

Along with the State’s support policies and mechanisms, enterprises should alsoinvest substantially in technologies while sharpening their focus on humanresources development to master state-of-the-art technologies.

It is necessary for enterprises to participate in the policy consultationprocess to ensure their rights while introducing policies that are beneficialto them, he stressed.

To join the global value chains, enterprises can become suppliers ofmultinational corporations in Vietnam or export supporting products such as automobileparts, electronic products, and materials for the garment-textile and leatherfootwear sectors, he said, highlighting that despite supply chain disruptionscaused by COVID-19, production and business activities in the country havecarried on as normal.

Customs figures show that as of December 15, Vietnam hadexported 5.3 billion USD worth of automobile parts last year, the same amount asin the previous year, and 42 billion USD worth of computers and parts, or ten-foldhigher than in 2019.

Though the garment-textile and leather footwear sectors were battered by thepandemic, they nonetheless brought in 6.9 billion USD, just 1 billion less thanin the same period of 2019.

COVID-19 also transformed global production, making major foreign corporationskeen to shift their production to Vietnam, he said, adding that localsupporting enterprises have seen better integration into the supply chains ofmultinational corporations.

In just two years, Japan’s Toyota Motor Corporation developed 10 tier-1suppliers, while the Republic of Korea’s Samsung admitted 50 enterprises to itslist of tier-1 suppliers and increased its number of tier-2 suppliers from 157in 2018 to 192 in 2020.

Anh described Vietnam’s participation in various free trade agreements as adistinct advantage for the country to attract foreign capital flows.

The country’s success in its dual tasks of preventing the pandemic andpromoting socio-economic development helps improve its prestige as a safeinvestment destination that is resilient to global shocks.

Economists have pointed to several challenges for the country, however, includingweak management capacity, poor infrastructure, a shortage of skilled workers,and cumbersome procedures, among others, he added./.

VNA

See more

The private sector is expected to make breakthroughs for national development. (Photo: VNA)

Party official anticipates breakthroughs in private economic sector

With the Politburo set to issue a dedicated resolution on the private economic sector, there should be a reformed approach to action plans, according to Secretary of the Party Central Committee and head of Head of its Commission for Policies and Strategies Tran Luu Quang.

NCSoft and VNGGames sign a cooperation agreement to develop products in Southeast Asia. (Photo: VNG)

More RoK’s game developers target Vietnam

Over half of Vietnam's nearly 100 million population being gamers and the country's competitive labour costs are among reasons for Korean gaming firms' expanding presence in Vietnam.

Representatives from the Vietnamese Embassy in the UK, LHR leaders, airline partners, and passengers at the anniversary event (Photo: VNA)

Vietnam Airlines marks 10 years of UK route operations

Vietnam Airlines launched its direct UK route in 2011, initially operating from London Gatwick Airport (LGW) before transitioning to Heathrow in 2015, improving connectivity to one of the UK’s major international hubs./.

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona. (Photo: VNA)

Cuban commerce official optimistic about bright future of Vietnam-Cuba cooperative ties

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona hailed Vietnam as Cuba’s second-largest trading partner in Asia and its top investor, spotlighting its foothold in the Mariel Special Development Zone via Viglacera. This zone, he noted, is set to become a pivotal hub for Vietnamese investment in the years ahead.

Imported cars seen at the northern port city of Hai Phong. (Photo: VNA)

Ministry proposes tax cuts for some imported cars

This initiative aims to diversify the supply of imported vehicles, foster competition in the domestic market, and align Vietnam’s tax policies with the evolving trends of the automotive industry.

Minister of Industry and Trade Nguyen Hong Dien and Deputy Prime Minister of the Republic of Belarus Anatoly Sivak sign the meeting minutes. (Photo: VNA)

Vietnam, Belarus unveil key solutions to boost trade

Vietnam and Belarus are set to deepen bilateral cooperation in all fields, particularly in economy-trade and science-technology, through their Intergovernmental Committee mechanism, affirmed Minister of Industry and Trade Nguyen Hong Dien.