Vietnam may spend 4.3 bln USD in developing support industry

[InKunming--Sister Cities]Vietnam is mulling over a preferential credit package of 100 trillion Vietnamese dongs (4.3 billion U.S. dollars) to foster its support industry to better cater for multinationals, local media reported on Monday.

The package is part of solutions recently proposed by the Ministry of Industry and Trade to achieve the targets of the support industry meeting 45 percent of essential demand for local manufacturing and consumption by 2020 and 70 percent by 2030, daily newspaper Vietnam News reported.

Vietnam is also expected to have a total of some 1,000 firms by 2020 and around 2,000 firms by 2030 capable of supplying products to assembly companies and multinationals in the country.

Statistics from the ministry showed that Vietnam currently has some 1,800 part suppliers, but only 300 firms are in the supply chains of multinational groups.

The ministry has suggested mechanisms to develop key sectors, including automobile, electronics, garment and textile, leather and footwear, and to arrange capital for the construction of three technical centers to support industrial development in Vietnam.

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