Want to be in the loop?
subscribe to
our notification
Business News
VN TEXTILE FIRMS REMAIN PASSIVE
The event aims to support the deeper and more effective integration of SMEs into the APEC region, said Tu.
It also aims to enhance the participation of SMEs in global value chains (GVCs) in general and the apparel sector in particular.
The value chain follows the creation of products or services through different production phases, including physical transformation, the input of various manufacturing services, the distribution of products to consumers and their disposal after consumption, the deputy minister explained.
These activities can be conducted within the enterprises or among different enterprises of a particular geographical area.
“In fact, the GVCs are a new and more comprehensive approach to international divisions of labour,” Tu said.
“It means that any enterprise participating in the process of manufacturing can be considered to participate in the GVCs,” he added.
However, access to international divisions of labour based on GVCs would help enterprises have a better understanding of their position in the global market, and therefore they can actively select appropriate phases to maximise their benefits, he said.
It is clear that enterprises in general and SMEs in particular must actively participate in GVCs directly or indirectly, he said.
Pham Quynh Mai, deputy director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, did not hesitate to discuss the difficulties faced by the textile and apparel sector despite its fast growth. The sector is still depending on raw materials and materials imported form foreign countries, especially China.
“This will have a big impact on the country’s textile and apparel sector if the market has disadvantageous changes,” she said.
To access markets, enterprises need strategies and knowledge, while SMEs should sign design and outsourced manufacturing contracts with large enterprises to learn from their experiences, said Nguyen Huong Tra, a SME development expert at the workshop.
Source: VNS
Related News
EXPLORE HONG KONG WITH A COMPANION
From now until 19 August 2024, you can enjoy our exclusive Fly 2 Hong Kong offer on round-trip Economy flights from USD364^ for 2 persons, sponsored by Hong Kong International Airport. Bring along a travel buddy and experience together the excitement and charm of our vibrant home city.
BUSINESSES INCREASE WISHES FOR SPECIALISED INDUSTRIAL PARKS
Data centres, industrial parks (IPs) reserved for high-tech production, and parks serving Chinese, the United States, Taiwanese, or Japanese investors are gradually being formed to welcome new funding waves, according to Truong An Duong, general manager of North Vietnam and Residential at Frasers Property Vietnam.
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.