New economic era hinges on higher quality

The Vietnamese government is pushing forward the development of sturdy supporting industries to lure in more high-quality foreign direct investment and turn the country into an industrialised nation.

- By Dat Nguyen

A well-developed supporting industry ecosystem is vital to draw in high-quality foreign funding

Prime Minister Le Minh Hung last week required the Ministry of Industry and Trade (MoIT) to work with relevant stakeholders to soon quicken industrial manufacturing through feasible solutions. The MoIT has been asked to soon complete the draft law on key industries for consideration and approval later this year.

The NA has approved a resolution on formulating the law, which will embrace policies used to accelerate the development of large-scale industrial projects, attract more funding, develop the domestic manufacturing and processing industries, and supporting industries.

Pursuing a new economic growth model, PM Hung also demanded that the MoIT soon restructure the country's industrial production chains, increase domestic production self-control and reduce the importation of input materials, while raising the domestic localisation rate, then gradually climb global supply chains.

“The MoIT is also tasked with formulating connectivity chains between Vietnamese businesses and foreign invested enterprises (FIEs), and push Vietnamese firms to deeper partake in strategic supply chains of countries,” stated the Government Office following a working meeting between the prime minister and the MoIT on April 22.