Supporting industry anxiously awaits new law
Vietnamese experts are urging speedy drafting of a law to bolster the country’s supporting industry, which lags behind those of other industrialized states.
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Vietnamese experts are urging speedy drafting of a law to bolster the country’s supporting industry, which lags behind those of other industrialized states.
Vietnam is mulling legislation to boost the low localization rate of its industrial production and means to modernize its support industries and increase their participation in the local and foreign value chain.
Vietnam reached a record foreign trade value of an estimated US$750 billion in 2022.
A newly-published report reviewing conditions for business lines under the purview of the Ministry of Industry and Trade (MoIT) has found that amendments of recent years have ensured conformity and consistency.
The industry and trade sector has been accelerating its digitalization in compliance with the government’s direction, focusing on information technology (IT) application and administrative reform through e-government development.