Ministry to help local firms to join FDI multinationals’ supply chains

January 10, 2022 | 10:28

(0) user say

The Ministry of Industry and Trade (MoIT) has said this year it will closely coordinate with several foreign multinationals like Samsung and Toyota to connect with local suppliers of materials and accessories, in an effort to seek alternative supply for imports in both short and long terms.

Ministry to help local firms to join FDI multinationals’ supply chains

Production of electronic parts at Manutronic Vietnam. (Photo: VNA)

Hanoi – The Ministry of Industry and Trade (MoIT) has said this year it will closely coordinate with several foreign multinationals like Samsung and Toyota to connect with local suppliers of materials and accessories, in an effort to seek alternative supply for imports in both short and long terms.

The ministry sets to raise the Industrial Production Index (IIP) by around 7 – 8 percent, contributing to boost the GDP growth to 6 – 6.5 percent in 2022, according to Deputy Minister Tran Quoc Khanh.

It plans to effectively implement projects providing help to supporting firms in the priority sectors of automobiles, electronics, textile and garment, and footwear; and support domestic producers to join supply chain of FDI enterprises and projects, he said.

Last year, the industrial production maintained growth, though modest, despite impacts of COVID-19, the MoIT reported. The sector expanded 4.82 percent from the previous year on the back of key areas such as electronics, textile and garment, footwear and wood manufacturing.

Among the 63 cities and provinces nationwide, Ninh Thuan saw the highest growth in IIP, 24.6 percent. It was followed by Dak Lak (23.8 percent), Gia Lai (20.5 percent), Hai Phong (18.2 percent), and Binh Phuoc (17.8 percent).

Ho Chi Minh City was among the worst-hit by COVID-19, with the IIP plunging 14.3 percent year-on-year due to COVID-19 outbreaks at factories and export processing zones causing production disruption.

VNA

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional