Vietnam’s support industry viewed as boasting huge potential
Chief Representative of the Hanoi Office of the Japan External Trade Organisation (JETRO) Kitagawa Hironobu said Vietnam’s support industry has huge potential.
Hanoi (VNA) – Chief Representative of the Hanoi Office of the Japan ExternalTrade Organisation (JETRO) Kitagawa Hironobu said Vietnam’s support industry hashuge potential during the Vietnam Support Industry Forum in Hanoi on June 15.
Accordingto the JETRO, Vietnam’s manufacturing currently ranks second in ASEAN, notablyelectronics.
Majorelectronic groups such as Intel, Panasonic and Microsoft have moved to Vietnamwhile domestic rivals continue winning new orders. Imports tripled from 2011 to2016 while exports surged nearly five-fold from 12.8 billion USD to 65.8billion USD in 2015.
Overthe past years, exports of mobile phones accessories have greatly contributedto reducing Vietnam’s trade deficit. This year, Vietnam plans to earn more than40 billion USD from electronics export.
Speakingat the event, Hironobu said Japan is interested in Vietnamese market, evidencedby more than 570 projects in 2016. However, the rate of locally-made materialsand spare parts is only 34 percent, forcing Japanese firms to import them fromneighbouring countries like Thailand and China.
Hesuggested Vietnamese firms raise added values for spare parts so that theycould catch up with Japanese partners in the global supply chain.
Presidentof the Vietnam Electronic Industries Association Luu Hoang Long said Vietnam isgradually becoming a new manufacturing centre with qualified workforce costinglower than Indonesia’s and only half of Thailand’s.
Accordingto him, Vietnam’s electronic industry will still face challenges in the future.
Indiais Vietnam’s biggest rival in terms of foreign investment attraction due to itsgovernment and federal incentives, low salaries and high technology, he said.
Theevent was co-hosted by the JETRO and the Ministry of Industry and Trade’s TradePromotion Agency. -VNA
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Illustrative image (Source: VNA) 
