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

Consumers shop at the WinMart Vo Thi Sau supermarket in Hanoi's Hai Ba Trung district. (Photo: VNA)

Hanoi keeps CPI well under control

The CPI for the first quarter of 2025 increased by 2.75% compared to the same period last year, indicating that inflation remains well under control.

Vietnam’s KRX trading system is set to go live on May 5. (Photo: VietnamPlus)

Vietnam to launch KRX trading system on May 5

The KRX system is currently in its final testing phase before full implementation. During this period, securities firms are conducting simulated trading sessions as if on a normal trading day.

Vietnam has proactively reviewed and adjust tariffs, particularly on US imports, as part of efforts towards balanced trade relations. (Illustrative photo - Source: VNA)

Vietnam reviews, adjusts import tariffs to promote trade balance

The Ministry of Finance is now working closely with other agencies to evaluate policy options that support businesses. Possible solutions include market diversification, supply chain optimisation, and leveraging opportunities from Vietnam’s existing free trade agreements.

Illustrative photo (Photo: VNA)

Retail petrol prices up in latest adjustment

Under the new pricing structure, E5 RON92 and RON95-III have increased by 341 VND and 495 VND per litre to a maximum of 20,373 VND (0.79 USD) and 20,919 VND per litre, respectively.

The Lumitel brand is being promoted on walls across Burundi. (Photo: Viettel)

Lumitel – A bright spot in Vietnam-Burundi collaboration

After a decade of operations, Lumitel has become the leading telecommunications provider in Burundi and one of the largest contributors to the Burundian government's budget, providing stable employment for over 60,000 workers and indirectly creating around 100,000 jobs.

Belarusian Deputy Prime Minister Anatoly Sivak speaks at the forum. (Photo: VNA)

Ample room remains for Vietnam - Belarus trade cooperation

To further develop the Vietnam-Belarus economic and trade relationship, it is essential to enhance trade promotion and investment initiatives such as trade fairs, forums, thematic workshops, and trade connections, which serve as an important bridge for businesses from both sides to meet, connect, and seek cooperation opportunities.

The 5th Exhibition of Ho Chi Minh City and Friendship Provinces and Cities in Savannakhet takes place from April 2 to 6. (Photo: VNA)

Vietnam, Laos boost trade at Savannakhet expo

Vice Governor of Savannakhet Saensak Soulisak highlighted the exhibition’s role in expanding trade collaboration, enabling businesses to connect, share experience, and explore investment prospects. He also noted its significance in promoting local products to a wider market.

Visitors at the exhibition (Photo: VNA)

Vietnam Expo 2025 opens, spotlighting digital transformation, innovation

This year’s edition, themed “Step together in a digitised world,” has attracted around 400 businesses from 18 countries and territories, with over 500 booths. Alongside traditional networking, it introduces online business-to-business (B2B) matching, enabling year-round connections.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for building the private economic sector development project (Photo: VNA)

Private sector encouraged to join major national programmes, projects

It must fully unleash the productive capacity and resources of the country through the private sector; mobilise all private resources for national development; harness the effectiveness of internal forces, including human, natural resources, history, and culture, while effectively combining them with external resources such as capital, technology, human resources, and management experience, he said.

At the annual Vietnam-Cambodia business dialogue in Phnom Penh on April 4 (Photo: VNA)

Annual Vietnam-Cambodia business dialogue held in Cambodia

The annual business dialogue in Cambodia attracted around 150 delegates, including Vietnamese businesses and Vietnamese-origin companies operating in Cambodia across various sectors such as finance, banking, insurance, telecommunications, agriculture, construction, interior design, food services, transportation, logistics, trade, healthcare, and tourism.