HCM City (VNS/VNA) – Ho Chi Minh City has set itself a target ofmeeting 65 percent of its demand for supporting industry products by 2025 byhonouring and supporting business that invest in supporting industries.

Supporting industries are the backbone of its industry, playing a key role inraising the competitiveness of its industrial products, and a decisive factorin the nation’s competitiveness.

The Saigon Hi-tech Park would strive to attract investment in technology andsupporting industries this year, Nguyen Anh Thi, director of its managementboard, said.

Last year Hong Kong company TTI, Inc., a wireless industrial electricalequipment manufacturer, invested 650 million USD in the park and is looking forlocal suppliers of parts.

It plans to set up a plant and R&D centre and make Vietnam its newmanufacturing base.

As part of its efforts to attract investment, the park has organised high-techsupporting industry development programmes to help firms link up with leadfirms, like business matching activities between foreign and Vietnameseenterprises, and with export processing zones and industrial parks around thecountry.

Earlier of this year the city's Department of Industry and Trade honoured 92industrial products of 2020, including 43 supporting industrial products. Theyincluded some key products such as precision moulds for the plastic and metalstamping sectors from the Lap Phuc Precision Mold Company.

According to the department, the city has in recent years adopted manymechanisms and policies to back supporting industries, including programmes tolink up local suppliers with foreign manufacturers.

The Lao Phuc Precision Mold Company is supplying precision moulds to Colgate, HiepPhuoc Thanh and Minh Nguyen, which have become vendors for Samsung, and ThongNhat and Amura Precision, which make plastic components for tier 1 and 2suppliers of automobile companies, it said.

According to foreign companies, Vietnamese firms have made great progress inthe manufacturing of industrial supporting products.

Many now confidently introduce their products to foreign firms, and not justsimple products like screws, moulds and plastic packaging, but also highvalue-added products such as motor cores, electronic chips and circuit boards.

To promote the development of supporting industries, the department is draftingan investment stimulus programme for 2021-25 for supporting industry enterprisesto improve their production technologies and equipment and make more productsmeeting global corporations’ requirements, and entrench themselves in globalsupply chains.

Supporting industries are key to raising the value of the industrial production,and promoting them is vital to attracting more large foreign investors to thecity, Thi added./.