Despite initial successful integration, Vietnamese companies are positioned among the lowest segments of global value chains, due to offering products with little added value.
Though the pandemic has seriously impacted the world and Viet Nam, it has accelerated the supply chain shift by diversifying, regionalising the production chain and scaling up global value chains.
Farming households in the Cuu Long (Mekong) Delta need to apply high-tech practices to develop value-added agricultural products that can enter global value chains.
The Regional Comprehensive Economic Partnership, the world’s largest trade pact, offers Vietnamese agricultural exporters an excellent opportunity to increase their participation in global value chains.
Viet Nam needs to diversify global supply chains in order to achieve inclusive growth and attract investment after the pandemic ends, speakers said on Nov 18 at a meeting in HCM City.
Viet Nam is planning to launch a VND136 billion (US$5.8 million) trade promotion programme in 2020, focusing on expanding key markets and enabling Vietnamese firms to join global value chains.
Bringing products into global value chains is an indispensable way for local firms to build and develop brands, said Le Hoang Tai, deputy director of the Viet Nam Trade Promotion Agency (VIETTRADE).
Growth opportunities abound in the internet of things segment but problems like outdated technologies, poor management skills and low technical capacity are preventing Vietnamese firms from entering global value chains.
Small- and medium-sized enterprises (SMEs) must enhance their competitiveness to participate in Industry 4.0 and inclusive global value chains in the context of rapid integration and technology advancements, experts have said.
Better supplier-buyer relations with multinationals located in Viet Nam would help small- and medium-sized enterprises gain access to electronics global value chains, experts have said.
Small- and medium-sized enterprises, which make up 90 per cent of businesses in Viet Nam, should take advantage of new marketing tools like social media to have access to global value chains.