$76.7 million program for support industries

The Ministry of Industry and Trade (MoIT) is drafting a development program for support industries in the 2016-2025 period.

VND1.72 trillion ($76.7 million) is needed for the program, to assist organizations and develop individual capacity within support industries.

The program will provide assistance through activities such as promoting domestic and international investment for production at support industries; furthering the development of domestic markets and the export of products from support industries; providing information and data on support industries; recognizing enterprises adapting to standards; assisting start-up enterprises and encouraging technology transfer and production testing; creating management systems of international standard for enterprises in support industries; and enhancing cooperation between enterprises in support industries and multinational corporations and improving personnel training in management and scientific and technical services for production at support industries.

Six specific programs will be introduced. Activities to assist the research and development of technological applications and transfer in production testing of components and materials will receive the highest investment, of VND890 billion ($39.7 million), or 51.7 per cent of the total.

The program assisting enterprises in applying international standards in business and production management is expected to receive VND300 billion ($13.4 million) and provide consultancy to 2,000 enterprises on the application of international management standards.

VND115 billion ($5.1 million) will be invested in assisting domestic enterprises to become suppliers of products for multinational corporations and other manufacturers in support industries.

The investment promotion program for support industries, meanwhile, is estimated to receive VND115 billion ($5.1 million) to attract foreign direct investment in support industries through organizing fairs and promoting such investments in the media.

Two other programs will train human resources and build or update databases on support industries on a specialized website, with funding of VND220 billion ($9.8 million) and VND80 billion ($3.5 million), respectively.

MoIT is now receiving comments on the draft via its electronic portal.

Vneconomictimes