Tapping into supporting industries

Background Vietnam is aiming to have a highly competitive supporting industry by 2020, meeting 45% of demand for production and local consumption. Urgent needs and potential market At a recent forum on promoting the development of supporting industries in Vietnam, Prime Minister Nguyen Xuan **** stressed that the nation should become a production base for multinational corporations (MNCs). The MoIT has pointed out that the country's supporting industries remains weak, having to import nearly 80% of raw materials, spare parts, and components needed for production. Minh Nguyen Support Industry JSC One of Samsung's Tier 1 vendors in Vietnam Established in 2015, now produces millions of spare parts for home appliance products, digital products, mould making, car parts, refrigerator products, vacuum cleaners, washing machines, and televisions Samsung has always been open to Vietnamese businesses ready to join their global supply chain Truong Thi Chi Binh, vice chairwoman and general secretary of the Vietnam Association of Supporting Industries, remarked that Samsung's Tier 1 vendors are prepared to invest in improving upon their production and human resources. From the angle of businesses, Binh said local businesses should have long-term strategies in place.

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