"Made in Vietnam" supporting industry products have gained trust from major global corporations like Samsung, LG, Honda, and Toyota. Many domestic firms have become suppliers of key parts in global product chains.
To realise this strategic goals, the Government has been focusing on strategic breakthroughs, including improving institutions and legal frameworks, developing infrastructure, speeding up administrative reforms, and enhancing human resource training, he said.
To stimulate consumption, it's necessary for Vietnam to implement a range of synchronised policies, including demand-boosting measures, tourism development, and increasing people's incomes through the development of investment and export pillars
The economic sector contributes approximately 51% of Vietnam’s GDP, over 30% of state budget revenue, more than 30% of total import-export turnover, nearly 60% of total social investment capital, and 82% of the workforce.
Vietnam is recognised as one of the world’s bright spots in seizing opportunities from newly formed supply chains, thereby generating new growth momentum for its economy.
A series of exhibitions in the textile and apparel sector simultaneously opened at Saigon Exhibition and Convention Centre (SECC) in Ho Chi Minh City on September 25.
Permanent Deputy Prime Minister Nguyen Hoa Binh on September 10 held working sessions with representatives of some leading groups in Hong Kong (China) as part of his trip to Hong Kong for attendance at the 9th Belt and Road Summit.
If Vietnam increases EU investment attraction in the coming time, it will become a good steppingstone to establish new supply chains and join the high standard global network that such investment and new connections avail.
Vietnam has transformed itself to emerge as a major global production hub capable of supplying a wide range of products at competitive prices and with improving quality, Deputy Minister of Industry and Trade Phan Thi Thang said at the Export Forum on Connecting International Supply Chains in Ho Chi Minh City on June 6.
Global business leaders are increasingly looking to India and Southeast Asia as alternative supply chain destinations while trade relations between China and the US deteriorate, according to a poll by PwC published on May 9.
Malaysia's largest port plans to double its capacity over the coming decades, aiming to chase neighbouring hub Singapore as the shift in global supply chains adds to the competition in Southeast Asia's logistics sector.
Sustainable domestic supply chains help businesses improve competitiveness against foreign rivals and retain consumer trust, thus sustaining growth in domestic and foreign trade of Vietnamese goods.
Experts gathered at the Vietnam wood and furniture forum in Ho Chi Minh City on March 6 to discuss ways ahead for the sector which is facing formidable challenges posed by global economic slowdown, widespread inflation and conflicts.
The three-day 13th Vinacas Golden Cashew Rendezvous saw its main event kick off in the central province of Quang Binh on February 27, attracting participants from more than 40 countries and territories worldwide.
Adherence to foreign markets’ sustainability standards and capitalisation of existing free trade agreement will help Vietnam boost overseas shipments to realise its set target of 6% growth in export revenue in 2024, according to the Ministry of Industry and trade (MoIT).
Industrial production in Vietnam has shown signs of recovery and is believed to have a bright prospect in 2024 thanks to the global consumption rebound and support from the Government, ministries, and sectors.
Vietnam’s early engagement in the Indo-Pacific Economic Framework for Prosperity (IPEF) highlights its proactive stance as one of the first countries to join the discussions initiated by the US in May 2022. However, the new mechanism and its relevance to Vietnam are yet to be widely known by the Vietnamese public.
The ASEAN electric vehicle (EV) market is projected to reach 2.7 billion USD by 2027, more than five times higher than 500 million USD in 2021, Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz has said.
