To go deep into the global supply chain, products are not all

Speaking at the seminar "Sustainable supply chain: A new approach for businesses" held on November 16, Mr. Pham Thanh Tung - Department of Industry, Ministry of Industry and Trade - said that foreign investors have tended to shift to Vietnam recently.

"In the first 10 months of 2023, the total newly registered capital, adjusted capital, and capital contribution to buy shares and capital contributions from foreign investors reached more than 25 billion USD, up 14.7% over the same period. Of which, more than 73% of capital flowed into the processing and manufacturing industry, up 45% over the same period last year. New investment projects are concentrated in provinces and cities focusing on industry, aiming at the global supply chain such as Quang Ninh, Hai Phong ...

It can be said that Vietnam is currently a favorite destination for foreign investors. That will create conditions for us to participate in the global supply chain right at home," said Mr. Tung.

However, in the context of the economic recovery after the recent COVID-19 pandemic as well as the outbreak of armed conflicts, flexible adaptation for business continuity, overcoming and overcoming supply chain disruptions places even higher compliance requirements on businesses. This initiative will help businesses maintain sustainable employment, protect the health, safety and security of workers.

"With a highly open economy like Vietnam, economic growth depends heavily on exports. Therefore, businesses now need to focus on products, restructure towards digital transformation, improve human resource quality, practice sustainable development, and do business responsibly. Only then can they meet the difficult criteria of multinational companies and participate more deeply in the global supply chain," Mr. Tung emphasized.

The representative of the Department of Industry also said that, in reality, the level of understanding and information grasp of a part of Vietnamese enterprises, most of which are small and medium-sized enterprises, about responsible business is still limited. In particular, the concept of responsibility for appraisal in the supply chain is still quite new in Vietnam.

Ms. Tran Thi Hong Lien - Deputy Director of the Office of Employers, VCCI - said that gradually implementing the above steps will help businesses have the opportunity to attract the attention of investors and customers, thereby increasing their position in the context of high competition. This is also a big plus to help businesses develop more sustainably and long-term.

The seminar "Sustainable Supply Chain: A New Approach for Businesses" took place within the framework of the 4th Vietnam International Exhibition on Supporting and Manufacturing Industries (VIMEXPO 2023). With the goal of connecting for development, through 3 times of organization, VIMEXPO has received the attention and support of domestic and international enterprises in the field of supporting and manufacturing industries.

This year's VIMEXPO has a scale of 7,000m2 with nearly 300 booths and the participation of more than 200 enterprises such as THACO Group, TOYOTA Vietnam, VEAM Corporation, Samsung Vietnam, KOWANG, HORN & BOEHLERIT, JAAN - E... and companies from countries and territories such as: Germany, Japan, Korea, China...

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