Vietnamese and foreign delegates attend the opening ceremony in Ha Noi on Wednesday morning.—VNS Photo

HA NOI (Biz Hub) – The Vietnamese Government gave priority to developing support industries because they played an important role in industrialisation and modernisation, said the Deputy Minister of Industry and Trade (MoIT), Tran Tuan Anh, at the opening of four exhibitions on support industries in Ha Noi on Wednesday.

Tuan Anh said the State had issued several policies in recent years to help parts' makers and encourage technological transfer between local firms and foreign partners.

The four expos are the Reed Tradex Manufacturing Expo Viet Nam, the fifth Viet Nam-Japan Exhibition on Support Industries, the Japanese Monozukuri Technology Exhibition and the Industrial Components and Subcontracting Viet Nam.

A product displayed at the Manufacturing Expo attracts much attention from viewers.—VNA/VNS Photo

The events would help accelerate the transfer of new technologies, know-how and the expansion of business networks, said managing director of Thailand Reed Tradex, Chainarong Limpkittisin.

Difficulties in purchasing parts was one of the major challenges facing Japanese enterprises in Viet Nam, said JETRO executive vice president Daisuke Hiratsuka.

A recent JETRO survey found Japanese enterprises in Viet Nam had a low localisation ratio in material and industrial components compared to other Asian nations.

A low localisation ratio means that investors have to import more overseas materials and components. This leads to higher production costs in Viet Nam.

Nguyen Van Suu, vice chairman of the Ha Noi People's Committee, said the expos would enable parts producers to find new markets. The four events will end on Friday. – VNS