Textile, garment sector prioritizes material development

(VEN) - The presence of domestic textile and garment enterprises in the global production chain has increased but remains incommensurate with their potential.

Dependence on imports

According to statistics from the Ministry of Industry and Trade (MoIT), domestic enterprises have to import about 70 percent of materials, mostly from China. Due to weaknesses in weaving and dyeing, the domestic textile and garment sector exports yarn and imports a large amount of fabric materials for production.

Pham Van Viet, Vice Chairman of the Ho Chi Minh City Textile, Garment, Embroidery and Knitting Association, said that domestic textile and garment companies have to import not only materials, but also specialized machinery, buttons, and other accessories. Products of the textile and garment supporting industry still lack a stable output market, discouraging investment in this field.

The textile and garment industry depends heavily on imports, with low added value, and lacks self-sufficiency in production. Therefore, the textile and garment supporting industry needs to be prioritized so that it can soon attract investment from multinational corporations to drive the formation of a system of supporting industry enterprises serving this sector.

Domestic textile and garment enterprises have to import about 70 percent of materials
Domestic textile and garment enterprises have to import about 70 percent of materials

Business support

In the strategy to develop the textile, garment, and footwear industries until 2030 with a vision to 2035, the MoIT has proposed technological innovation solutions, especially in weaving and dyeing, to promote the supporting industry for the textile and garment sector and gradually fill the supply shortage.

The textile and garment sector is coordinating with the MoIT to establish large industrial parks with wastewater treatment systems meeting environmental standards.

The MoIT has recently submitted a proposal to Deputy Prime Minister Tran Hong Ha regarding the revision of Decree 111/2015/ND-CP on the development of supporting industries. This draft revision includes many new policy incentives that have been proposed.

In addition to corporate income tax incentives, the draft revision of Decree 111/2015/ND-CP has developed various mechanisms and policies to help supporting industry enterprises enhance their competitiveness, meet the requirements of multinational corporations and companies producing finished products, and attract investment in the supporting industry sector.

According to the draft, the level of interest rate differential subsidy is set at three percent per year. Under this policy, each project will be eligible for this credit support only once during the same period if the project has not received any other state budget-funded credit support.

The duration of the Government’s credit support is equal to the loan term, but capped at a maximum of 10 years from the date of signing the loan contract. This credit support policy applies to loan agreements signed and disbursed up until the end of 2030. Priority will be given to supporting industry products in the fields of textiles and garments, leather and footwear, electronics, automotive manufacturing and assembly, mechanical engineering and manufacturing.

Viet Anh

See also

Vietnam: A new bright spot in global electronics supply chain

Vietnam: A new bright spot in global electronics supply chain

(VEN) - In recent years, Vietnam has emerged as a bright spot in the global electronics supporting industry (CNHT) and is becoming an ideal destination for large technology corporations. This has opened further opportunities for Vietnamese enterprises to participate in global supply chains.
Ha Nam seizes opportunities to boost supporting industry development

Ha Nam seizes opportunities to boost supporting industry development

(VEN) - The State’s incentive policies and the efforts of enterprises have brought positive results to the supporting industry of Ha Nam Province. Especially, in the province’s industrial parks (IPs), supporting industry enterprises have developed rapidly in terms of both quantity and quality.
Supporting industries catch new wave to make breakthroughs

Supporting industries catch new wave to make breakthroughs

(VEN) - A new playground has been created for Vietnamese supporting industry enterprises by the growth of a number of new industries, such as semiconductors, renewable energy, and electric vehicles.
Supporting industries a barrier to attracting FDI

Supporting industries a barrier to attracting FDI

(VEN) - The participation rate of the electronics, information technology, telecommunications, specialized electronics industries, etc. in the supporting industry supply chain is now only about 15 percent; and of domestic high-tech industries also at only about 10 percent.
Positive transformation: Supporting industries take on new responsibility

Positive transformation: Supporting industries take on new responsibility

(VEN) - Domestic supporting industry enterprises have been increasingly applying modern standards and management tools to production and manufacturing, thereby participating deeply in the global production network and value chain.
Da Nang to become high-tech and supporting industry hub

Da Nang to become high-tech and supporting industry hub

(VEN) - Under its master plan for the 2021-2030 period, with a vision toward 2050, which has been approved by the Prime Minister via Decision 1287/QD-TTg dated November 2, 2023, Da Nang City is set to become a high-tech and supporting industry hub of the whole country.

See more news

Hung Yen Province prioritizes high-tech and supporting industries

Hung Yen Province prioritizes high-tech and supporting industries

(VEN) - The northern province of Hung Yen enjoys a favorable geographical location for socioeconomic development, especially industrial growth. The province is situated in the Northern key economic region, with ideal conditions for supporting industry (SI) development in various sectors, such as mechanics, electronics, metal production, and energy, helping Vietnam promote both domestic production and exports, and integrate into global value chains.
HCMC boosts supporting industry development

HCMC boosts supporting industry development

(VEN) - In recent years, the industrial sector, including supporting industries, has made significant contributions to the economic development of Ho Chi Minh City (HCMC). Therefore, the city has prioritized the development of supporting industries.
Southeastern localities develop support industries to modernise economy

Southeastern localities develop support industries to modernise economy

HCM City – Local authorities in the southeastern region are making plans to promote the development of support industries for industrial production, which play a crucial role in the economic restructuring towards industrialisation and modernisation.
Developing supporting industries needs to be a priority

Developing supporting industries needs to be a priority

A report of the Ministry of Industry and Trade (MoIT) shows that the number of enterprises in the supporting industry sector accounts for only about 4.5 per cent of the total number of companies in the manufacturing and processing industry.
Auto parts manufacturers  manage to reach world level

Auto parts manufacturers manage to reach world level

(VEN) - Although the automobile market faced many difficulties and challenges in early 2024, the automobile supporting industry is standing a good opportunity for transformation.
Vietnam to boost semiconductor development with US support

Vietnam to boost semiconductor development with US support

(VEN) - Vietnam is launching a series of strategic kick-off sessions to advance its role in the global semiconductor industry, focusing on workforce development and public policy.
Keys to making breakthroughs in supporting industry

Keys to making breakthroughs in supporting industry

(VEN) - Ha Tinh has determined that the development of supporting industry has important meaning in attracting investment in the province, boosting the development of local small- and medium-sized enterprises (SMEs), contributing to increasing the proportion of the industrial sector in the economic structure.
Linkage with foreign firms needed to develop Việt Nam

Linkage with foreign firms needed to develop Việt Nam's supporting industry

Linkage with multinational corporations is the shortest way for Vietnamese supporting industry enterprises to participate in the global supply chain, according to economic experts.
Vietnam an emerging hub in global smart manufacturing

Vietnam an emerging hub in global smart manufacturing

(VEN) - Vietnam, as a new manufacturing hub in Asia, plays an increasingly important role in global supply and smart manufacturing chains. Smart manufacturing helps Vietnam attract foreign direct investment (FDI) and creates opportunities for domestic businesses to join global supply chains. To seize these opportunities, however, Vietnam needs to implement appropriate and timely policies.
Ninh Binh prioritizes high-tech and environmentally friendly projects

Ninh Binh prioritizes high-tech and environmentally friendly projects

(VEN) - Ninh Binh holds a strategically important position, connecting the Northern, Central, and Northwestern regions of Vietnam. Located within the Hanoi - Hai Phong - Quang Ninh - Thanh Hoa economic development quadrilateral, the province has favorable conditions for the development of supporting industries.
View more
Latest Most Read
Seven strategic directions to lead the nation into a new era

Seven strategic directions to lead the nation into a new era

In the special feature on the new era—the era of the nation's rise—on October 31, 2024, Party General Secretary To Lam outlined seven strategic directions for the country to embark on this new phase of national development.
WB, Switzerland help boost Viet Nam’s sustainable urban development

WB, Switzerland help boost Viet Nam’s sustainable urban development

The Swiss Government and the World Bank (WB) on Monday signed an agreement to promote green and resilient growth in Viet Nam’s major cities.
Finance ministry proposes extending environmental tax cut on fuel products in 2025

Finance ministry proposes extending environmental tax cut on fuel products in 2025

The Ministry of Finance has proposed to continue 50 percent reduction in environmental tax on gasoline (excluding ethanol), oil, and lubricants until the end of 2025 to spur economic growth.
Workshop looks to address environmental management issues in industrial areas

Workshop looks to address environmental management issues in industrial areas

The State Audit Office of Vietnam (SAV) hosted a workshop in Hanoi on November 5, bringing together top auditors from ASEAN member states to share experience in handling environmental management challenges in industrial clusters and craft villages.
PM visits President Ho Chi Minh relic site in Kunming

PM visits President Ho Chi Minh relic site in Kunming

Yunnan - Prime Minister Pham Minh Chinh and his entourage offered flowers in tribute to President Ho Chi Minh at a historical relic site dedicated to the late Vietnamese leader in Kunming city, Yunnan province on November 5, as part of their ongoing working visit to attend the 8th Greater Mekong Sub-region (GMS) Summit and hold bilateral activities in China.
seven strategic directions to lead the nation into a new era

Seven strategic directions to lead the nation into a new era

In the special feature on the new era—the era of the nation's rise—on October 31, 2024, Party General Secretary To Lam outlined seven strategic directions for the country to embark on this new phase of national development.
delicacy of ha nois autumn

Delicacy of Hà Nội’s autumn

Cốm (young rice) is a delicacy of Hà Nội’s autumn, from which many popular dishes have been created, but it is also being developed in new ways by younger cooks.
vietnam cuba traditional solidarity special friendship

Vietnam-Cuba traditional solidarity, special friendship

Vietnam and Cuba continue to engage in regular bilateral contacts and exchanges at various levels, particularly at the highest levels. The robust political and diplomatic relationship has facilitated significant economic and trade cooperation between the two nations. Currently, Vietnam ranks as Cuba's second-largest trade partner in Asia and stands as the largest foreign investor from the Asian region in Cuba.
vietnam expands fta network

Vietnam expands FTA network

As of October 2024, Vietnam has signed and implemented 17 Free Trade Agreements (FTAs) and is negotiating two more. Expanding its FTA network underscores Vietnam’s commitment to economic integration, offering substantial opportunities to deepen its role in global value chains, boost exports, drive GDP growth, and enhance institutional frameworks.
vietnam qatar friendship and multifaceted cooperation

Vietnam – Qatar friendship and multifaceted cooperation

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam are paying an official visit to Qatar. This is the first official visit by a Vietnamese Prime Minister to Qatar in 15 years.
Finance ministry proposes extending environmental tax cut on fuel products in 2025

Finance ministry proposes extending environmental tax cut on fuel products in 2025

The Ministry of Finance has proposed to continue 50 percent reduction in environmental tax on gasoline (excluding ethanol), oil, and lubricants until the end of 2025 to spur economic growth.
NA deputies call for solutions to ensure the feasibility of drug prevention and control programme

NA deputies call for solutions to ensure the feasibility of drug prevention and control programme

Việt Nam faces not only the risk of becoming a transit hub but also the potential of evolving into a production and distribution centre for international drug trafficking.
15th NA’s 8th session to further discuss legislative, inspection work next week

15th NA’s 8th session to further discuss legislative, inspection work next week

The third working week of the 15th National Assembly (NA)’s 8th session will, between November 4 and 9, address several key issues, focusing primarily on legislative and inspection activities.
Developing education, training to serve new era of nation: PM

Developing education, training to serve new era of nation: PM

PM Chính said the Party and State consistently pay attention to education and training, which are identified as a leading policy.
Efforts to bring electricity to remote villages of Ha Giang Province

Efforts to bring electricity to remote villages of Ha Giang Province

The northern province of Ha Giang has complex terrain and a sparsely populated community, which poses many challenges to infrastructure investment, particularly in bringing electricity to remote mountainous villages. However, thanks to the efforts of local authorities and the electricity sector, Ha Giang Province is gradually realising the goal of providing electricity to all highland villages.
Vietnamese F&B industry works to catch up with green consumption trend

Vietnamese F&B industry works to catch up with green consumption trend

By promoting the use of green materials and technologies in production, Vietnam will win the world food and beverage market which is switching to the green consumption trend, according to experts.
PM calls for Qatar

PM calls for Qatar's support for energy development in Việt Nam

The Vietnamese leader made the call at a reception for Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs of Qatar and CEO of Qatar Energy - a state-owned oil and gas corporation in Qatar and one of the world's leading LNG producers.
Efforts made to create breakthrough in Vietnam

Efforts made to create breakthrough in Vietnam's automobile industry

The automobile industry is expected to be a locomotive that propels the development of other industries. However, after 30 years, it continues to face numerous challenges. After several missed opportunities, many people hope that the new strategy for the development of the automobile industry will provide additional support for a breakthrough.
Foxconn to invest US$80 million in Bắc Giang for chip manufacturing expansion

Foxconn to invest US$80 million in Bắc Giang for chip manufacturing expansion

Foxconn's Shunsin Technology Việt Nam is seeking an environmental permit for a US$80 million chip manufacturing project in Bắc Giang province.
Da Nang to invest additional 16 million USD into software park

Da Nang to invest additional 16 million USD into software park

The People's Council of Da Nang city has approved the adjusted pre-feasibility study report for the development of Software Park No 2, proposed by the municipal People's Committee.
PM receives heads of leading investment firm, authority of Qatar

PM receives heads of leading investment firm, authority of Qatar

Vietnamese Prime Minister Pham Minh Chinh have received leaders of the JTA International Investment Holding and the Qatar Investment Authority (QIA) in Doha as part of his official visit to the Middle Eastern country.
Forum suggests suitable orientations for green development strategy in Lam Dong

Forum suggests suitable orientations for green development strategy in Lam Dong

An investment forum entitled “Lam Dong Green Plateau — Sustainable Green Transformation: Opportunities for Investors” took place in Da Lat City, in the Central Highlands province of Lam Dong, on the afternoon of October 30.
Krungsri proposes accelerating purchase of 50% of SHBFinance’s charter capital

Krungsri proposes accelerating purchase of 50% of SHBFinance’s charter capital

Ayudhya Public Bank Limited (Krungsri), a member of Japan's MUFG Group, has proposed to the Saigon - Hanoi Commercial Joint Stock Bank (SHB) that it will speed up the acquisition of the remaining 50% of SHBFinance’s charter capital.
Finance ministry proposes two price management scenarios for year-end

Finance ministry proposes two price management scenarios for year-end

The Ministry of Finance has released two price management scenarios to control inflation until the end of the year.
Banking sector prioritises support for import-export firms

Banking sector prioritises support for import-export firms

Affordable bank credit has supported businesses in key sectors that drive the country’s economic growth, Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City office, told a conference on October 31.
Smart Banking 2024 workshop and exhibition held

Smart Banking 2024 workshop and exhibition held

While accelerating digital transformation, ensuring operational safety and information security is a priority. The remark was made by Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks’ Association (VNBA) at the Smart Banking 2024 workshop and exhibition held in Hanoi on October 29.
Workshop looks to address environmental management issues in industrial areas

Workshop looks to address environmental management issues in industrial areas

The State Audit Office of Vietnam (SAV) hosted a workshop in Hanoi on November 5, bringing together top auditors from ASEAN member states to share experience in handling environmental management challenges in industrial clusters and craft villages.
More accurate forecasts at all levels needed to reduce coastal disaster risk

More accurate forecasts at all levels needed to reduce coastal disaster risk

Establishing different warning levels for natural disaster risks will help minimise damage and overcome the consequences of natural disasters.
Nearly-98-million-USD environment project inaugurated in Ninh Thuan

Nearly-98-million-USD environment project inaugurated in Ninh Thuan

The Phan Rang-Thap Cham city sub-project – part of the Coastal Cities Sustainable Environment Project funded by the World Bank Group was inauguarted in the south-central province of Ninh Thuan on November 2 with improved infrastructure works that can benefit 69,000 local residents.
Northern region to experience first cold weather of this winter

Northern region to experience first cold weather of this winter

A strong cold spell is expected to intensify around next Monday, bringing scattered rain and a likelihood that the northern region will experience its first snap of lower temperatures.
Technology “key” to attract FDI

Technology “key” to attract FDI

(VEN) - According to Nguyen Van Toan, Vice President of the Association of Foreign Investment Enterprises (VAFIE), apart from environmental factors, technology plays an important role, not only in economic development, but also in the race to attract foreign direct investment.
HCM City partners with Google for Education in digital transformation

HCM City partners with Google for Education in digital transformation

Tim Paolini, Director of Google for Education for Asia-Pacific and Middle East, had a working session with representatives of the Ho Chi Minh City People’s Committee on November 1 to discuss cooperation orientations for digital transformation in education.
Việt Nam develops

Việt Nam develops 'purely Vietnamese' generative AI

Many businesses in Việt Nam have quickly seized the opportunity and boosted investment to master the new technology.
Vietnam’s first semiconductor expo underway in HCM City

Vietnam’s first semiconductor expo underway in HCM City

The 2024 International Exhibition for Integrated Circuit and Semiconductor Industry (SEMICON VIETNAM), the first of its kind in the country, was opened in Ho Chi Minh City on October 31.
WB, Switzerland help boost Viet Nam’s sustainable urban development

WB, Switzerland help boost Viet Nam’s sustainable urban development

The Swiss Government and the World Bank (WB) on Monday signed an agreement to promote green and resilient growth in Viet Nam’s major cities.
VRA proposes over $7.2b for Lào Cai-Hà Nội-Hải Phòng-Quảng Ninh Railway project

VRA proposes over $7.2b for Lào Cai-Hà Nội-Hải Phòng-Quảng Ninh Railway project

The project aims to meet the growing demand for rail and to maximise the line’s capacity.
Eastern section of $1.23b southern expressway will soon be opened for use

Eastern section of $1.23b southern expressway will soon be opened for use

Construction of the 57.8-km Bến Lức-Long Thành expressway began in 2014, with capital estimated at over VNĐ31.3 trillion (US$1.23 billion).
Vietnam aims to produce innovative medicines

Vietnam aims to produce innovative medicines

The Ministry of Health has proposed a policy to encourage the transfer of new and innovative drugs, aiming to create more opportunities for patients.
190 businesses win Vietnam National Brand Award 2024

190 businesses win Vietnam National Brand Award 2024

A total of 359 products from 190 businesses were honoured with the National Brand Award 2024 at a ceremony held in Hanoi on November 4 evening.
Vietnamese AI firms have many chances of development

Vietnamese AI firms have many chances of development

Demand in the domestic market along with a series of new regulations and policies are supporting for the Vietnamese AI start-up community to develop.
Cooperatives play significant role in OCOP product development

Cooperatives play significant role in OCOP product development

(VEN) - Vietnam has so far developed over 14,000 3-star or higher-ranking OCOP products. Specifically, 72.1 percent of the products are 3-star, 25.8 percent are 4-star, and 2.1 percent are 5-star or potential 5-star products).
Cơ Tu ethnic’s farm produce debuts in supermarket system

Cơ Tu ethnic’s farm produce debuts in supermarket system

Organic farm produce from the Cơ Tu ethnic group in the central province’s Tr’hy commune has been introduced at the Mena Gourmet Market in HCM City, marking a positive move for the community-based sustainable agriculture production among ethnic community in Tây Giang district.
tcty-dau-khi-vn-pv-power-2022
Calligraphy exhibition highlights literary masterpieces

Calligraphy exhibition highlights literary masterpieces

The exhibition features 18 writers from all over the country. Each has a different profession, but they all share a love of Vietnamese calligraphy and a desire to spread this passion for art to as many people as possible.
VN int’l fashion week Fall/Winter 2024 prepares to open

VN int’l fashion week Fall/Winter 2024 prepares to open

Sixteen international and Vietnamese fashion designers and brands will display their latest collections at the Aquafina Việt Nam International Fashion Week (AVIFW) Fall/Winter 2024 held in Hà Nội from November 13-16.
Delicacy of Hà Nội’s autumn

Delicacy of Hà Nội’s autumn

Cốm (young rice) is a delicacy of Hà Nội’s autumn, from which many popular dishes have been created, but it is also being developed in new ways by younger cooks.
$10-billion national target programme on cultural development officially proposed to parliament

$10-billion national target programme on cultural development officially proposed to parliament

By 2030, Việt Nam will work to restore 95 per cent of special national relics (equivalent to about 127 relics) and 70 per cent of national relics (equivalent to about 2,542 relics). The cultural industry is expected to contribute seven per cent to the country's GDP.
Time Out lists Vietnam among Top 5 Memorable Christmas Escapes in Asia

Time Out lists Vietnam among Top 5 Memorable Christmas Escapes in Asia

British magazine Time Out has unveiled a list of the Top 5 Memorable Christmas Escapes in Asia, with Vietnam and its stunning natural beauty and a distinctive heritage being placed in second position.
Foreign travellers

Foreign travellers' interest in northern regions still strong after typhoon

Digital travel platform Agoda has recently revealed that traveler interest in key northern regions of Việt Nam has remained encouraging following the damage wrought by Typhoon Yagi, which made landfall on September 7.
Ninh Bình Festival to boost historical heritages of VN’s former capitals

Ninh Bình Festival to boost historical heritages of VN’s former capitals

From November 24 to 30 in Ninh Bình City and Hoa Lư District – the former capital of Việt nation from 968 to 1009 - the festival aims to portray glorious historical milestones and 'decode' the cultural values of the ancient capital.
Halal tourism: tackling religious and cultural differences

Halal tourism: tackling religious and cultural differences

Developing a domestic Halal industry catered to Muslims has been actively promoted by the Vietnamese Government in recent years. Apart from getting Vietnamese food products to meet halal standards to enter Islamic countries, halal tourism is also a new market that experts say Việt Nam should be exploring.
Mobile Version