In recent times, although Vietnam has proactively opened its doors to welcome many processing and manufacturing industries, the supporting industry still has many limitations.
According to the Ministry of Industry and Trade, although Vietnam has proactively opened its doors to many processing and manufacturing industries, the supporting industry is still limited. It is worth noting that the supporting industry has not really developed to its full potential, most of which are small and medium-sized enterprises, facing many difficulties in terms of market, technology, human resources, capital, etc.
Meanwhile, investment policies for research and development in this field have not been focused on, so businesses have not expanded to the global market. Many economic experts frankly admit that, compared to neighboring countries, the implementation of the supporting industry development policy in Vietnam is not suitable for the development of businesses, causing businesses to be disadvantaged and inferior to businesses with the same conditions and circumstances in the region.
In the submission on accepting the opinions of Deputy Prime Minister Tran Hong Ha on the Draft Decree amending Decree No. 111/2015/ND-CP on the development of supporting industries (Decree No. 111), the Ministry of Industry and Trade said that Vietnam currently has about 5,000 supporting industry enterprises. Enterprises with projects to manufacture supporting industry products on the list of supporting industry products prioritized for development can enjoy incentives, including corporate income tax incentives. The Ministry of Industry and Trade has issued 206 incentive certificates to enterprises with projects to manufacture supporting industry products. In addition to tax policies, the Draft Decree amending Decree No. 111 has developed many mechanisms and policies to support enterprises in order to improve their competitiveness, meet the requirements of multinational corporations, enterprises producing finished products, and attract investment in the supporting industry sector.
