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Need for support industries
The lack of support industries continues to hamper the nation's manufacturing sector, which still fails to produce high value-added goods or attract sufficient investment, says Industrial Strategy and Policy Research Institute director Phan Dang Tuat.
"Without support industries, Viet Nam still can only depend on agriculture," Tuat said.
Without support industries providing accessories and spare parts, the nation would continue to fail final-product manufacturers, agreed a representative of the Japan External Trade Organisation (JETRO).
Legal incentives were simply not sufficient to stimulate growth in these sectors, said Tuat.
The Government issued Decision No 12/2011/QD-TTg in February 2011, and the Ministry of Finance promulgated Circular No 96/2011/TT-BTC to guide the implementation of that decision, but the extent of the policies has left investors disappointed.
"The policy regimes and incentives are too general and similar to those already in place for small- and medium-sized enterprises," said Truong Thi Chi Binh, director of the institute's Support Industries Enterprise Development Centre. "There are no new or attractive elements that are strong enough to encourage enterprises tap into these sectors."
Former Minister of Trade Truong Dinh Tuyen said that policymakers have failed to target a specific sector for development, allowing limited investment to be spread across various areas. Hs suggested that a few sectors with competitive advantages be selected as spearheads, in co-ordination with final-product manufacturers.
Le Xuan Sang from the Central Institute for Economic Management agreed, noting that the nation had promulgated up to 74 generalised plans and strategies for development of supporting industries.
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