VIMEXPO 2023 promotes connections for development

Concretizing the Government’s Resolution 115/NQ-CP, VIMEXPO 2023 was aimed at creating a favorable environment for supporting industry, processing and manufacturing companies to introduce their products, exchange technologies, seek partners and cooperation opportunities, and attract investment.

With the aim to promote connections for development, the previous three editions of VIMEXPO attracted great attention of domestic and foreign companies in supporting, processing and manufacturing industries.

Support policies

According to Deputy Minister of Industry and Trade Phan Thi Thang, the Communist Party, the State and the Government have identified support industries as a key driving force of the entire industrial sector. Therefore, many policies, mechanisms and legal corridors have been put in place to promote support industry development. These include Decree 111/2015/ND-CP of the Government.

Toyota Vietnam’s pavilion at VIMEXPO 2023

The Government has also issued Resolution 115/NQ-CP dated August 6, 2020 regarding measures to boost support industry development. Under this resolution, by 2025, Vietnamese companies are expected to be capable of manufacturing support industry products of high competitiveness to meet 45 percent of domestic demand, accounting for about 11 percent of the total production value of the entire industrial sector. In 2030, these percentages are expected to increase to 70 percent and 14 percent, respectively.

Processing and manufacturing industries also play an important role in the Vietnamese economy, contributing significantly to Vietnam’s industrialization and modernization efforts.

“In 2022, Vietnam’s gross domestic product (GDP) grew 8.02 percent - the highest GDP growth rate since 2011. Industrial production in general and the supporting, processing and manufacturing industries in particular contributed significantly to this achievement. Ministries, sectors and localities have made great efforts to accelerate the development of Vietnamese supporting, processing and manufacturing industries, deepening their involvement in global supply chains,” Deputy Minister Phan Thi Thang said.

Deputy Ambassador of Japan to Vietnam Watanabe Shige said that in the context of the movement of global supply chains, the growth of the supporting industry is crucial for the Vietnamese processing and manufacturing industries to develop further and become an important link in the global supply chain.

The Japanese Government and businesses are cooperating tightly with the Vietnamese Government and companies to contribute to the development of Vietnamese support industries and related ones.

VEAM’s pavilion at VIMEXPO 2023

Connection opportunities

VIMEXPO 2023 connected Vietnamese companies with foreign businesses and multinational firms, creating a chance for state agencies, associations and businesses to meet and share experience, helping supporting industry, processing and manufacturing companies popularize their products, technologies and seek investment opportunities.

The exhibition helped build and develop domestic value chains through effective investment attraction and business connections.

Nguyen Huu Phong, Director of the Hanoi Plastics Joint Stock Company (HPC), said that its participation in VIMEXPO 2023 enabled the company to introduce its mold manufacturing capacity and plastics products to a wider range of customers, including potential companies from Japan, China, and foreign invested companies.

Pham Anh Tuan, Deputy Director General of the Vietnam Engine and Agricultural Machinery Corporation - Joint Stock Company (VEAM), believed VIMEXPO 2023 would help VEAM and other domestic companies achieve positive results in trade promotion and market development, enabling their access to industrial achievements of the world, and increasing their participation in global supply and value chains.