Supporting industry faces 'golden' opportunity to join global multi-industry supply network

The information was given at the workshop "Vietnam's supporting industry faces the opportunity to join the global multi-industry supply network" organized by the Vietnam Association of Supporting Industries Promotion Board (VASI) within the framework of the FBC ASEAN 2024 International Trade Exhibition on Manufacturing Industry.

Open opportunities

The workshop brought together experts in the field of supporting industries, representatives from manufacturing enterprises, corporations and chambers of commerce from several advanced countries such as Japan, Germany and Taiwan, with in-depth presentations, focusing on the main topic: opportunities and challenges for Vietnamese enterprises in participating in the global supply chain.

Enterprises participating in FBC ASEAN Exhibition 2024 (Photo: NH)

Commenting on the cooperation opportunities between Vietnam - Japan and EU countries in the global multi-industry supply network, Ms. Tran Thi Thu Trang, Chairwoman of the KEIEIJUKU Vietnam Community, Chairwoman of Hanel Manufacturing and Import-Export Joint Stock Company (Hanel PT) - said that Europe is one of the largest and most potential export markets in the world with a population of more than 740 million people and a GDP of over 18,000 billion USD; and this is also the third largest export market of Vietnam with many industries in which Vietnam has strengths. Goods manufactured in Vietnam have strong export advantages. This is the greatest opportunity for tariff incentives. Vietnam has improved its production level over the past 20 years.

Europe is one of the potential export markets not only for the world but also for Vietnam, but exporting to this market still has many challenges. Among them, there is the requirement for green production.

According to the representative of the German Chamber of Industry and Commerce in Vietnam (AHK), Germany is the largest economy in Europe and the fourth largest in the world, and this is a potential market that Vietnamese enterprises always aim for. Germany has the world's leading manufacturing industry, and although it can meet part of its own needs, the country still has a large demand for importing products for production such as machinery, equipment, raw materials, fuel, etc. With this potential, manufacturing enterprises will be provided with updated information on the standards and requirements of German enterprises when cooperating with Vietnamese manufacturing enterprises, helping Vietnamese enterprises better understand international standards and opportunities to penetrate the German market.

Taiwan is one of the countries that has been successful in developing supporting industries and actively participating in the global supply chain. Applying the Taiwanese model to Vietnamese enterprises in participating in the global supply chain, a representative of Digiwin Vietnam Company said that the path to improving the competitiveness of Vietnam's manufacturing industry requires 4 factors: Technological innovation; quality advantage; production cost advantage; delivery speed and service.

Promote chain connectivity

At the workshop, experts also stated that in the context of globalization and the strong development of international supply chains, Vietnam's supporting industry is facing golden opportunities to participate and expand its position in the global market. To seize these opportunities, businesses need to clearly understand the strict requirements of the international market as well as fully prepare production capacity, technology and human resources.

Mr. Phan Dang Tuat - Chairman of the Vietnam Association of Supporting Industries - said that supporting industry is the soul of the national manufacturing industry, and there needs to be maximum support policies for the industry. However, in Vietnam, support is still reserved. Therefore, Vietnam's supporting industry has not yet promoted its capabilities and strengths. To move forward and stand on par with countries in the region and the world, in addition to support policies from the state, Vietnam's supporting industry needs cooperation and association with partners from countries around the world.

Mr. Phan Dang Tuat - Chairman of Vietnam Association of Supporting Industries spoke at the Workshop

According to experts and businesses, in the context of Vietnam gradually becoming an important industrial production center of the region and the world, supporting industry fairs and exhibitions will bring valuable trade opportunities for Vietnamese and ASEAN businesses.

In particular, the FBC ASEAN 2024 Exhibition with the theme "Journey from components to finished products", with the participation of international enterprises, this is an opportunity for Vietnamese enterprises to access advanced technologies and learn from the experiences of the world's leading partners. At the same time, promoting trade, expanding cooperation opportunities in the multi-industry value chain, from manufacturing technology to digital transformation, linking together for development.

Source: https://congthuong.vn/cong-nghiep-ho-tro-truoc-co-hoi-vang-tham-gia-mang-luoi-cung-ung-da-nganh-toan-cau-346782.html