Vietnam's supporting industry has many opportunities to consolidate position on global market

Vietnam's supporting industry has many opportunities to consolidate position on global market (Photo for illustration)

Supporting industry is the direct driving force to create added value for the industry, helping to increase the competitiveness of main industrial products and accelerate the country's industrialization process. Vietnam's supporting industry has many opportunities to consolidate its position on the global market.

Opportunities for cooperation between Vietnam - Japan and EU countries in the global multi-industry supply network are very open. Europe is one of the largest and most potential export markets in the world with a population of more than 740 million people and a GDP of over 18,000 billion USD; and this is also the third largest export market of Vietnam with many industries in which Vietnam has strengths. Goods manufactured in Vietnam have strong export advantages. This is the greatest opportunity for tariff incentives. Vietnam has improved its production level over the past 20 years. Europe is one of the potential export markets for Vietnam. Germany is the largest economy in Europe and the 4th in the world, and this is a potential market that Vietnamese enterprises always aim for. Germany has a world-leading manufacturing industry, and although it can meet part of its own needs, the country still has a large demand for importing products for production such as machinery, equipment, raw materials and fuel. With this potential, manufacturing enterprises will be provided with updated information on the standards and requirements of German enterprises when cooperating with Vietnamese manufacturing enterprises, helping Vietnamese enterprises better understand international standards and opportunities to penetrate the German market.

China’s Taiwan is one of the territories that has been successful in developing supporting industries and actively participating in the global supply chain. A representative of Digiwin Vietnam Company said that the path to improving the competitiveness of Vietnam's manufacturing industry requires four factors, including technological innovation; quality advantage; production cost advantage; and delivery speed and service.

In the context of globalization and the strong development of international supply chains, Vietnam's supporting industry has golden opportunities to participate in and expand its position in the global market. To seize these opportunities, businesses need to clearly understand the strict requirements of the international market as well as fully prepare production capacity, technology and human resources.

Supporting industry is the soul of the national manufacturing industry, so there needs to be maximum support policies for this industry. Vietnam's supporting industry has not yet fully exploited its capabilities and strengths. To move forward and stand on par with countries in the region and the world, in addition to support policies from the state, Vietnam's supporting industry needs cooperation and association with partners from countries around the world./.