Vietnam should prioritise domestic market: experts

The Vietnamese business community was recommended to actively participate in the "Vietnamese people give priority to using Vietnamese goods" campaign to develop the domestic market. (Photo: daidoanket.vn)- In the context of instability in the world, Vietnam needs to develop its domestic market with the "Vietnamese people giving priority to using Vietnamese products" campaign.So said Vice President of the Vietnam Fatherland Front Central Committee Truong Thi Ngoc Anh said at the workshop promoting growth and efficiency in implementing the "Vietnamese people give priority to using Vietnamese products " campaign, which was held on April 22 in Hanoi.At the workshop, Anh said in 2021, six groups of tasks and solutions were carried out according to the Party Central Committee's Directive 03 on promoting the implementation of the campaign, to enhance production and business, ensuring macro-economic stability and social security.However, COVID-19 had not yet ended completely, meaning supply chains, trade activities, production and business activities still faced many difficulties.Instability in the world economic and political situation had also affected the country's economic recovery after the pandemic.As a result, the Vietnamese business community needed to actively participate in the campaign to develop the domestic market , Anh said.“One of the basic solutions in developing the domestic market is to create a chain connecting supply and demand. This is also one of the important solutions to remove difficulties for production and business activities, and form supply chains from production to consumption for enterprises," Anh said. "The chains will help recover the domestic economy and reach growth goals as forecast, contributing to the efficient implementation of the campaign in the new situation," she added.According to Prof. Dr. Vo Dai Luoc, former Director of the World Economic Institute, the campaign has had a great effect on the Vietnamese business community, especially private businesses and households. However, there are few incentives for private enterprises and households, leading to many difficulties and challenges for them.Luoc proposed that the Government provide supporting policies for Vietnamese private enterprises and households.Tran Thi Phuong Lan, acting Director of the Hanoi Department of Industry and Trade, said that it was necessary to connect business associations with State management agencies so that the State could grasp the needs of the businesses, thereby removing difficulties for them.Lan recommended the State should improve the mechanisms and policies for supporting the development of infrastructure, distribution systems, and investment in product development.

April 24, 2022 10:00 UTC


Vietnam on way to become new global manufacturing hub

Illustrative image (Photo: VNA)Recently, Russia's Sputnik news agency posted an article saying that Vietnam is to become a new global production hub. (Photo: VNA)VNA- Vietnam is now on its way to becoming a new global manufacturing centre At a recent Investment Promotion Conference in Vinh Phuc province, K.C Chen, Deputy CEO of Compal Vietnam Co., Ltd (Taiwan) outlined the operation of its 500 million USD laptop factory in Vinh Phuc.According to him, the company is currently a manufacturer for Dell, Google and Amazon. The factory's production activities are stable and it expects to attract 15,000 workers by the end of the second quarter.In addition to this project, Compal - through its subsidiary, has also invested in the Arcadyan Technology project with a capital of 50 million USD in Vinh Phuc, which specialises in manufacturing electronic components. Along with big manufacturers that have their own factories such as Samsung, Intel and LG, there are more and more manufacturers specialising in outsourcing for world-famous electronic brands in Vietnam.Foxconn, Luxshare, Winston, Pegatron and Goertek are typical examples. The presence of the big names has made Vietnam a base for the production of electronics and mobile phone components, with the export turnover of phones and components, electronics, computers and components exceeding 27.3 billion USD in the first quarter of this year.

April 23, 2022 05:46 UTC


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