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VN still imports vital engineering goods
Despite encouraging achievements by the domestic machinery engineering industry, Viet Nam still had to spend billions of euros to import essential products every year to meet national economic requirements, said Deputy Minister of Industry and Trade Ho Thi Kim Thoa.
Thoa delivered this statement during a business conference yesterday which witnessed the participation of over 250 businesses, including leading German enterprises in the machinery engineering sector.
She urged German enterprises, especially those from the State of Baden Wurttemberg, to help Vietnamese firms develop key mechanical specialities and products as well as support industries needed for manufacturing, automobiles, electronics, and information and technology. Viet Nam and the State of Baden Wurttemberg's businesses were offering good conditions to foster co-operation in the machinery engineering industry, said the managing director of the German Engineering Federation (VDMA) in Baden Wurttemberg, Ulrich P Hermani.
In Viet Nam, research and innovation in the engineering sector was very necessary, while in Baden Wurttemmerg enterprises set aside 6 per cent of their revenues for innovation each year and they were willing to supply their Vietnamese counterparts with advanced technology in the sector, he said.
In addition to the machinery engineering industry, energy, pharmaceuticals and environmental protection were also outlined as potential sectors for speeding up bilateral co-ordination.
In spite of huge co-operation potential, the German investment in Viet Nam was still below expectation, said IMI Holding President Truong Huu Chi. He called on incentives from the German Government and its relevant sectors to foster the presence of German investors in the country.
As of October, German businesses had pumped more than US$813 million into 153 projects in Viet Nam, helping Germany rank 24th among 93 countries and territories investing in the country.
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