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Dong Nai province expands the manufacturing and processing industry

(News Portal – Dong Nai) - The manufacturing and processing industry has been the driving force of the entire Vietnamese industry for many years. The shift in foreign investment capital flows as well as opportunities from free trade agreements will continue to create conditions for the development of the manufacturing and processing industry of the country as well as Dong Nai. 

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Quyet Thang Production Service Trading Co., Ltd. Introduces their products at the recently held Vietnam-Japan trade conference 

In the immediate future, due to global political and economic challenges, businesses are also eager to receive additional support in the market and factors related to finance and credit in the final months of the year.

Opportunities arise 

According to experts, Vietnam has many opportunities to receive and take advantage of the movement of foreign investment capital. Improved infrastructure, cheap labor, and most especially, the manufacturing and a leading processing industry in the entire industry are factors for FDI corporations to pay attention to. 

In the Ministry of Industry and Trade's industrial development strategy for the coming years, the development of the manufacturing and processing industry revolves around criteria such as focusing on the domestic market; having access to production technology, stay ahead of new technology trends in the biological, electronic, materials industries... At the same time, there must be businesses with potential to lead the development of the industrial and supporting industries. 

According to Vice Chairwoman of the Provincial People's Committee Nguyen Thi Hoang, to support businesses, many orientations and programs have been issued. One of the important current requirements is that market development will require renewed thinking, identifying obstacles, and how to overcome trade barriers. From there, diversify and not depend too much on a number of specific markets on the basis of effectively applying signed Free Trade Agreements to promote exports to traditional markets and other markets. 

Not only exporting abroad, but on-site exporting of businesses in the province is also very open. Dong Nai province is selecting high-tech FDI projects into the locality. Many investors want to find domestic sources of raw materials and auxiliary materials to meet the localization rate requirements in order to enjoy tariff incentives and reduce production costs. This opens up more opportunities to promote domestic enterprises in the field of local manufacturing industry.

Future support

According to a survey by the General Statistics Office, in the third quarter of 2023, production and business activities of corporations in the processing and manufacturing industry, although still difficult, have showed signs of recovery. The two factors "low domestic market demand" and "high competitiveness of domestic products" are still the factors that most affect the production and business activities of enterprises with the percentage of enterprises choosing them respectively are 56.1% and 48.9%. 

Having just participated in a trade conference between Vietnamese and Japanese enterprises organized by the Provincial People's Committee, Mr. Ngo Thanh Binh, Director Quyet Thang Production Service Trading Co., Ltd. (Bien Hoa City) said the company had been contacted by multiple partners who were interested in the company's products and were planning for the near future. “We have many opportunities to sell domestically, so the upcoming plan is to continue expanding production, but there are still many challenges. The problem of production space and resources for large investment has hindered business development for a long time" - Mr. Binh shared. 

Author: Bao Nguyen

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