June 15, 2024


World Business Inquiries

Vietnam to select top priority industries to support in the ‘new normal’

3 min read

Fishermen load tuna from a fishing boat in Binh Dinh Province. The seafood processing industry is facing a lot of difficulties amid the COVID-19 pandemic. Photo dantri via Viet Nam News/Asia News Network

HANOI — Key industries like textiles, footwear, electronics, food and seafood processing must be prioritized for support in the “new normal” situation, said Trương Thanh Hoài, director of Vietnam’s Department of Industry.

As part of the Ministry of Industry and Trade (MoIT), Hoài’s department pointed out that the local textile and footwear industry with more than 4 million direct workers and another more than four million indirect workers has been affected badly, while orders for the electronics sector decreased significantly this month and were expected to keep dropping in the following month.

The director added the local automobile manufacturing and assembly industry also dropped with showrooms closing and factories operating in moderation.

“The state needs to give direct support because the commercial banks themselves cannot implement policies to support the businesses. The State should give them direct credit instead to help them overcome difficulties,” said Hoài.

“Support for land rental is applied in a very short time,” he said, suggesting that “The State can increase public investment in which they can buy iron and steel and furniture to support the local industries.”

Agreeing, Trần Duy Đông, director of the Domestic Market Department, MoIT, said: “Those industries must be on top to get the support.”

Đông said the pandemic had a strong impact on the services and tourism industries, reducing the income of workers as well as domestic consumption, thereby reducing spending and personal consumption.

In order to promote the domestic market in a “new normal” situation, Đông proposed to implement three measures including ensuring full supply of goods in the local market, taking full advantage of e-commerce and promoting links between industries.

“The connection between supply and demand such as the retail and distribution sectors and the agricultural and aquatic products producing sector should be boosted to the maximum so that local consumers can help buy local products,” he said.

Earlier, Minister Trần Tuấn Anh said “It is necessary to point out the conditions for the industry to operate in a “new normal” and to recover as it was before the pandemic.”

Anh asked all MoIT’s departments and agencies to work with industry associations to get specific data to see what they can support.

“The goal is to develop an action plan to implement the Prime Minister’s Directive to bring the economy back to normal as well as striving for development goals of 2020,” said the minister.

Anh also agreed to put key industries of textiles, footwear, electronics, food processing industry, agricultural and seafood at the top priority of the plan. —

For more news about the novel coronavirus click here.

What you need to know about Coronavirus.

For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

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