The capital city of Hanoi has set a goal of having about 900 firms in supporting industries by late 2020, according to the municipal Department of Industry and Trade.

Workers inspect parts at a factory in Hanoi. (Photo: hapi.gov.vn)

Of them, some 400 would be eligible to have production systems and their products in line with international standards, as well as have sufficient supply capacities in global production networks from multinational corporations in Vietnam, the department said.

Top priority should be given to fostering trade promotion, cooperating with foreign firms and encouraging them to invest in the city’s supporting industries, the department’s deputy director Dam Tien Thang said.

Local firms should innovate and seek ways to improve their competitiveness and getting access to multinational businesses in order to gain a better understanding of their partners’ product requirements, according to Thang.

He added that supporting industries, which have played a crucial role in the city’s industrial restructuring progress, are expected to make significant contributions to enhance competitiveness, attract investment, raise exports, as well as expand the production scale and effectiveness of industries. Thus, the city has drawn up incentives policies for those firms in the sector.

The city has thus far established a number of industrial parks specialising in supporting industries, such as Quang Minh and Bac Thang Long-Noi Bai, to attract large domestic and foreign investors.