A major portion of the products churned out by Vietnam’s supporting industry are exported to foreign countries or supplied to foreign direct investment (FDI) enterprises at competitive prices.

These businesses are looking to a future that involves being a part of global supply chains with particular interests.

As part of the ‘Building Independent Industries’ forum, a delegation from the Vietnam Industry Agency under the Ministry of Industry and Trade, the Ho Chi Minh City Department of Industry and Trade, Tuoi Tre (Youth) newspaper, and many media agencies on Tuesday visited a number of businesses which operate in the supporting industry sector.

Nguyen Ngo Long, chairman of Nhat Long Mechanical Company in Thu Duc City, Ho Chi Minh City, met with the delegation at his firm’s headquarters to discuss Nhat Long’s 20 years of experience operating within the supporting industry sector.

Nhat Long’s products are exported to South Korea and Japan, as well as supplied to many FDI enterprises in Vietnam.

According to Long, Nhat Long has been investing heavily in modern production equipment, improving operational efficiency, focusing on product quality, and providing products at competitive prices compared to its foreign competitors.

Assessing Vietnam’s industry, Long shared his belief that it is necessary to support small businesses in order to step into the global supply chain.

“Big and small companies must work together toward sustainable and long-term development,” he stated.

Small-scale enterprises need favorable policies and support from large companies, he added.

The delegation also visited Dien Quang Lamp Joint Stock Company – a Vietnamese high technology producer which has achieved impressive success in the supporting industry segment by focusing on electronic equipment and engineering plastics for the medical industry, automobile production, and tablet device manufacturing.

Dien Quang’s intelligent lighting solution for the industrial sector is built on the basis of 4.0 technology which optimizes electricity costs and ensures worker safety. 

According to a Dien Quang representative, businesses using the company’s comprehensive intelligent lighting solution can save up to 80 percent of electrical energy consumption by measuring available natural light levels and adjusting the lighting system accordingly.

Many businesses believe that Vietnam’s supporting industry has yet to reach its full potential as small and medium enterprises still face many difficulties in terms of market penetration, access to technology, and the availability of resources.

Meanwhile, investment policies for research and development in the supporting industry segment are not focused, limiting the opportunity to reach the global market.

Source: Tuoi Tre