HCMC boosts supporting industry development

Ho Chi Minh City will assist supporting industry enterprises in market development and expansion

HCMC is one of the country’s major industrial hubs, playing a key role in the nation’s industrial development. The industrial sector holds a very important position in the city’s socioeconomic development, accounting for about 18 percent of its gross regional domestic product (GRDP). Over the years, the industrial sector has received due attention and guidance from city leaders, leading to increasingly practical and relevant policies and solutions for the development of industries, particularly for small and medium-sized enterprises (SMEs). The concerted effort to mobilize resources and implement comprehensive solutions for industrial and supporting industry development has yielded notable results, contributing to the overall industrial growth of the city.

Recognizing the vital role of supporting industries, since the 10th Party Congress, the City’s Party Committee and People’s Committee have focused on implementing numerous measures to develop this sector. These include the establishment of the city’s supporting industry development steering committee, and the supporting industry development center under the city’s Department of Industry and Trade.

Additionally, various initiatives have been introduced, such as the creation of the supporting industry development program for the city, the organization of supply-demand connections for supporting industry products, and support for training, workforce development, investment stimulus, and interest rate subsidies for enterprises. These measures have promoted the growth of supporting industries and facilitated effective participation in global supply chains and value chains.

Vo Van Hoan, Vice Chairman of the HCMC People’s Committee and head of the supporting industry development steering committee, stated that the city has identified the development of supporting industries in conjunction with SMEs as a key, ongoing effort to boost the city’s industrial sector. The city is concentrating on mobilizing economic sectors to participate in industrial development, with a focus on the private sector, and aims to develop supporting industries to gradually achieve self-sufficiency in domestic raw materials and components. This is based on the implementation of Government Resolution 115/NQ-CP issued in August 2020, which outlines solutions to promote the development of supporting industries. The development of supporting industries is also driven by the city’s comparative advantages and the opportunities presented by international economic integration.

With supporting industries seen as a priority sector that requires focused development, the HCMC People’s Committee recently issued a plan to implement the supporting industry development program for the 2024-2025 period.

Accordingly, the city will assist supporting industry enterprises in market development and expansion, and implement supporting industry product supply-demand connection activities; offer assistance according to loan interest subsidy programs and preferential policies. The city will also

honor and promote outstanding industrial and supporting industry products, support the promotion of enterprises with honored products, and innovate and enhance supporting industry promotion. The expansion of the city’s supporting industry product display center, along with organizing fairs, exhibitions, and activities to promote and connect supply and demand for supporting industry products, will also be prioritized.