Business

HCM City develops support industry

In March, the Department of Industry and Trade of Ho Chi Minh City will chair a meeting with the Ho Chi Minh City Export Processing and Industrial Zones Authority and the Saigon Hi-tech Park to organise a festival to seek support industry suppliers.
HCM City develops support industry ảnh 1HCM City develops support industry (Illustrative image. Source: VNA)

HCM City (VNA) – In March, theDepartment of Industry and Trade of Ho Chi Minh City will chair a meeting withthe Ho Chi Minh City Export Processing and  Industrial ZonesAuthority and the Saigon Hi-tech Park to organise a festival to seek supportindustry suppliers.

The eventwill enable enterprises to seek more partners at home and abroad, improvesupply capacity, expand production and engage in the global supply chain. 

According to the organising board, 16 businessesoperating in various fields such as electronics, automobile and mechanics wantto find domestic suppliers.

The event is seen as among an array of measures the southern economic hub of HoChi Minh City is deploying to develop its support industry and improve product qualityto join production chains of foreign direct investment (FDI) businesses.

The municipal Department of Industry and Tradeproposed the city’s People’s Committee promulgate Decision No.15/2017/QD-UBNDdated March 16, 2017 to help businesses and complete a project on support industrydevelopment through 2020.

Thedepartment suggested implementing policies encouraging investment in supportindustry to reduce imports and increase the ratio of locally processed andassembled products.

Itrecommended building communication programmes to promote outstanding industrialproducts and create unique ones to call for investment, as well as encouraging firmsto renovate and increase productivity.

Director PhamThanh Kien said the department will help businesses access land and connectthem with foreign firms to establish a sustainable support industry network.

In 2018, thedepartment will strengthen coordination with business associations to supportfirms operating in industrial and hi-tech parks, he added.

The HCMCity Centre of Supporting Industries Development will work toboost links between local firms and FDI partners from Japan, the Republic ofKorea and the EU through the programme “Developing goodsuppliers”.

In 2017, thecity promulgated Decision 15 on financial assistance for industrialenterprises. Each would be able to get a loan of up to 200 billion VND (8.81million USD) for a project. To date, three out of 11 projects have beenapproved to receive the total assistance funds of 200 billion VND. -VNA

VNA
#Department of Industry and Trade of Ho Chi Minh City #Ho Chi Minh City Export Processing and Industrial Zones Authority #Saigon Hi-tech Park #support industry #global supply chain #foreign direct investment (FDI) businesses #increase productivity #Japan #the Republic of Korea #the EU #financial assistance #Vietnamplus #Vietnam News Agency Ho Chi Minh City
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