2025, opening up substantial opportunities for businesses to develop a
Experts, however, have said that the production capacity of the existing supporting industry remains poor, especially in terms of capital, technology, and experience. Production and the business environment also lack breakthrough policies.
According to the Vietnam Association of Supporting Industries (VASI), there are more than 350 enterprises in the automobile supporting industry around the country, of which some 80 percent are foreign-invested. Most of the domestic players are of small scale and have difficulties accessing capital to invest in technology, while links between them remain poor.
Luong Duc Toan, deputy head of the Division of Processing and Manufacturing under the Ministry of Industry and Trade’s Industry Department, said Vietnam’s automobile industry exhibits many limitations because domestic market demand is still modest, raising production costs compared to elsewhere in the region.
A foreign-invested garment factory in Vietnam (Photo: VNA)
HCM City (VNA) – Leaders of
European businesses
have started 2021 with optimism about the trade and investment environment in
Vietnam, according the
Business Climate Index (BCI) for the first quarter of 2021
released by the
The index reached 73.9 points in Q1, the highest
score recorded since Q3 of 2019, before the COVID-19 pandemic impacted the
global trade and investment system.
The BCI survey also showed the sustained optimism about the
business climate, up 47 points over the last 12 months.
When asked about Vietnam’s business climate outlook for Q2
this year, 67 percent of the European enterprises considered it “excellent”
From January-April,
exports totalled 103.9 billion USD, an
increase of 28.3 percent against the same period last year.
The domestic sector exported 25.76 billion USD worth of goods
and services, up 12.8 percent year-on-year and accounting for 24.8 percent of
the total overseas shipments, while the foreign-invested sector contributed 78.14 billion USD, up 34.4
percent and representing 75.2 percent of the total.
Highest growth was seen in the heavy industry and mining sector, which generated 57.58 billion USD in export revenue, a year-on-year rise of 33
percent. It was followed by the light and craft industries, 27.5 percent; and
agriculture and forestry, 8.8 percent.
The US was Vietnam’s largest buyer during the period, with a value of 30.3 billion USD, up 50.1 percent year-on-year. China came second, purchasing 16.8 billion USD worth of goods and services from Vietnam, up
Hanoi (VNS/VNA) - The Vietnam Gold Trading Association (VGTA) has proposed
the establishment of a national gold exchange in Hanoi or Ho Chi Minh City.
The move aims to create a link between
domestic gold prices and international
gold prices, the VGTA said.
This will help eliminate illegal gold trading floors, increase the mobilisation
of gold from the people, reduce cash transactions and prevent tax losses to the
State.
At a recent VGTA Executive Board meeting, the association made other
recommendations to renew legal policies as well as management mechanisms for
the gold industry.
It proposed that the Government and the National Assembly remove gold