Vu Ba Phu, Director of the Vietnam Trade Promotion Agency (Vietrade) speaks at a press conference to introduce the 10th Vietnam-Japan Supporting Industry Exhibition (SIE) and the 14th Vietnam Manufacturing Expo (VME) in Hanoi (Photo: VietnamPlus)Hanoi (VNA) - The 10th Vietnam-Japan Supporting Industry Exhibition (SIE) and the 14th Vietnam Manufacturing Expo (VME), which will take place in Hanoi from August 9-11, will open many cooperation opportunities between enterprises of the two countries.
The events, which will be held by RX Tradex Vietnam, Japan External Trade Organisation (JETRO) and Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT) are expected to see the participation of over 200 manufacturers and distributors from 20 countries and territories.
Within the framework of the event, many activities will be arranged to support businesses and visitors in connecting with agents, distributors, and business partners.
Speaking at a press conference on the expos, Vu Ba Phuc, Director of Vietrade stressed that with the support related to policies and mechanisms, Vietnam’s support industry has recorded positive results.
According to Phu, Vietnam currently has about 2,000 enterprises producing spare parts and components, of which about 300 enterprises join for the multinational supply chain, creating jobs for more than 600,000 workers.
The number of enterprises operating in the supporting industry accounts for nearly 4.5% of the total number of businesses operating in the processing and manufacturing industry.
The MoIT has actively supported connections between local enterprises and foreign investors through a series of trade promotion and connection activities, Phu stressed.
The 10th SIE in Hanoi will help Vietnamese enterprises operating in the industry strengthen their production capacity and connect with Japanese partners, he noted.
The 10th SIE will see the participation of 22 Japanese exhibitors (Photo: VietnamPlus)Chief Representative of JETRO in Hanoi Takeo Nakajima cited a JETRO survey showing that the percentage of Japanese companies purchasing raw materials, components and accessories in Vietnam has increased from 28% in 2012 to 37% in 2022. Although this rate has increased, it still remains slow compared to the economic development of the two countries.
With the initiative to raise the localisation rate, JETRO organised the Vietnam - Japan Supporting Industry Exhibition (SIE) alternately in Hanoi and Ho Chi Minh City with the support of the Vietnamese government, he said.
Some 22 Japanese firms, which want to purchase goods from Vietnamese manufacturers will attend the SIE. JETRO has also selected 28 Vietnamese exhibitors for this event with the cooperation of Vietrade, the Industry Development Centre of the MoIT and the Vietnam Association for Supporting Industries (VASI).
Most of the selected enterprises, who are potential manufacturers in the supporting industry, will display their products and introduce their supply capability at the exhibition, Takeo Nakajima said.
RX Tradex Vietnam General Director Vu Trong Tai said that the World Bank's half-year report on Vietnam's economic situation points out that to achieve the goal of becoming a high-income country by 2045, Vietnam needs to exploit its diversified services more effectively to sustain sustainable productivity growth.
It is also necessary to implement reforms that enhance productivity in the service sector and make cross-sectoral contributions to productivity growth in the manufacturing and agriculture sectors, he added./.
