News

Saturday
June, 15

Vietnam to consider incentives for supporting industries

Featured in:


Hanoi, Aug 22 (IANS) Vietnam will consider policies to support enterprises operating in supplying parts and materials for sectors, including garment and textile, footwear, electronics, automobile production and assembly and mechanical engineering, in an effort to promote the development of supporting industries, local media reported. The proposed policies, including an interest rate subsidy of three per cent, are expected to stimulate the enterprises to improve their competitiveness and join the supply chains of multinational corporations, local newspaper Vietnam News reported on Monday, citing the Ministry of Industry and Trade.

The measures will also include corporate income tax incentives, support in investment promotion, human resource training, research and development, technology application, renovation and transfer and credit support, according to the Ministry.

The Ministry of Industry and Trade estimates that about 5,000 enterprises operating in the part-supplying industries are eligible for the support policies, Xinhua news agency reported.

The Ministry would continue to help the government make policies to attract more investments to the supporting industry to increase the local procurement rate, according to Pham Tuan Anh, Deputy Director of the Ministry’s Industry Department.

The local procurement rate for some of Vietnam’s industrial sectors has remained low, at around 5-20 per cent for the automobile manufacturing industry, 5-10 per cent for electronics, 30 per cent for footwear, 30 per cent for garment, and 1-2 per cent for high-tech industry in 2022, according to data by the Vietnam Association for Supporting Industries.

–IANS

int/khz



Source link

Find us on

Latest articles

- Advertisement - spot_imgspot_img

Related articles

Kotak Mahindra shares rise 4% on RBI nod to...

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General Kotak Mahindra...

Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied...

Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied Up to 12% Today. Here's Why Adani stocks: Motilal...

Vodafone Idea shares zoom 14% today; key technical levels...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea share price: The...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono It has developed this...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its new President for...

Crypto Market Watch: Bitcoin Surpasses $70,000; Eyes Set on...

Crypto Market Watch: Bitcoin Surpasses $70,000; Eyes Set on New Highs Bitcoin's price surged past $70,000 on Tuesday,...