Supporting industry must meet 70% of production, consumption needs by 2030: PM

Prime Minister Nguyen Xuan Phuc chaired a conference in Hanoi on Wednesday on developing Vietnam's supporting industry.

Addressing the event attended by 300 delegates, Mr. Phuc praised the sector's achievements, including its localization of 45% of garment and leather wear, 20% of automobile manufacturing and assembling, and 15% of electronics. But he also pointed out shortcomings as Vietnam currently lacks spearhead businesses that are able to lead the development of the supporting industry.

PM Phuc said that by 2030 Vietnam's supporting industry must meet 70% of domestic production and consumption needs, account for 14% of the overall industrial production, and have 2,000 businesses capable of supplying products to assembly enterprises and multinational corporations in Vietnam. Mr. Phuc said:Private businesses should truly become an important momentum for national development. Special attention should be paid to innovative start-ups, investment orientations and supporting industry. Second, human resources are crucial for Vietnam in the 4th Industrial Revolution. Without it, there won't be development.

Source: VOV5