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VIETNAM: Boost for Support Industries Aims for 65% Reliance on Local Suppliers by 2025

A VND890 billion (US$39.7 million) fund, dedicated to the research and development, technology transfer and production testing of components and materials, is foremost among six new initiatives introduced to support the growth of ancillary industries across the country. With this fund representing 51.7% of the total government investment in the initiative, the remaining allocation includes assistance for start-ups and support for businesses looking to comply with international standards.

Overall, the programme focuses on the development of support industries in the components, spare parts, textile, footwear, specialised equipment and high-tech software sectors. Aiming to both develop the local market and boost foreign investment in the support industries, it is anticipated that some 65% of the demands of domestic manufacturers will be met by local suppliers by 2025.

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