Vietnam association of supporting industries established

The Vietnam Association of Supporting Industries was officially established in Hanoi on March 18 with a view to contributing to relevant policy planning and connecting domestic and foreign markets.

Illustrative image (Source: VNA)

Hanoi (VNA) – TheVietnam Association of Supporting Industries (VASI) was officially establishedin Hanoi on March 18 with a view to contributing to relevant policy planning andconnecting domestic and foreign markets.

The move is one of the importantresults of the project “Vietnam Supporting Industries to Europe” within theframework of the European Trade Policy and Investment Support Project funded bythe European Union. The project is being conducted by the Supporting IndustryEnterprise Development Centre and the Ministry of Industry and Trade (MoIT)’s Institutefor Industrial Policies and Strategies from June 2014 – June 2017.

Truong Thanh Hoai, Director ofthe MoIT’s Heavy Industries Department, said Vietnam’s processing andmanufacturing sector contributes just 14 percent of the gross domestic product,much lower than Thailand’s 26 percent and China’s 36 percent.

He attributed such weakperformance to limited connectivity among domestic enterprises as well asbetween them and foreign partners, adding that, the birth of VASI is crucial inthe current context to help fine-tune relevant policies, thus creating adriving force for support industries.-VNA

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