VN encourages auxiliary industries

VGP – The Vietnamese Government plans to issue a legal document on encouraging the development of auxiliary industries, according to the Ministry of Industry and Trade (MIT).

June 01, 2010 10:46 AM GMT+7

The Government encourages auxiliary industries to feed growing economic advancement

The MIT said that detailed regulations will be introduced right after the Government approves the document.

Việt Nam and Japan are about to implement a joint initiative program on auxiliary industries development.

A weak sector of supporting industries is among the key reasons causing high trade deficit and less attractive business environment in Việt Nam.

The slow development of the sector is attributed to the shortage of capital and technologies and small-sized domestic market. Besides, the realization of commitments to the World Trade Organization (WTO) has contributed pressure on the sector.

The country’s most promising supporting industries include those to serve garment and textile, footwear, electronics-computing, automobile and motorbike assembly, and manufacturing mechanics.

By Hải Minh