However, weaknesses in capital, support mechanisms, lack of preparation and clear orientation have prevented Vietnamese enterprises from taking advantage of opportunities to participate in the global value chain.
64.7% of businesses are not prepared
Vietnamese enterprises are facing great opportunities to participate in the global value chain. According to Do Thi Thuy Huong, member of the Executive Committee of the Vietnam Electronic Enterprises Association (VEIA), this opportunity comes not only from the State's mechanisms and policies, but also from the Vietnamese investment environment, with the appearance of many global corporations and enterprises participating in investment. These corporations have a great need to increase the localization rate. However, the lack of preparation and clear direction has prevented Vietnamese enterprises from taking advantage of the opportunity to participate in the global value chain.
According to a survey by the Vietnam Federation of Commerce and Industry (VCCI), the localization rate of the electronics industry in Vietnam is currently only about 5-10%. Electronic products on the Vietnamese market are assembled with mostly imported components, so they have low technological value. The localization rate of the textile, footwear and leather industries is about 40-45%; mechanical engineering is about 30%. The localization rate in the automobile industry in Vietnam is much lower than the set target and lower than that of countries in the region, such as Thailand, Indonesia, and Malaysia.
VCCI’s survey also shows that many Vietnamese enterprises do not have a clear direction when participating in the global value chain, with 64.7% of enterprises not having any preparation. Only about 15.3% of enterprises have a long-term overall strategy. The ability of Vietnamese enterprises to meet the requirements of partners when participating in the global value chain is only at an average level; they even have difficulty meeting the requirements on delivery time and technical standards.
Mr. Luong Minh Huan, Director of the Enterprise Development Institute (under VCCI), said that one of Vietnam's current weaknesses is that it has not yet mastered supply chains and industrial value chains, leading to a lack of leading enterprises and linkages, support and connections for small and medium enterprises...
Improve innovation and adaptation capabilities
According to Mr. Luong Minh Huan, regarding spare parts and components, Vietnam can currently only produce spare parts with simple technology, such as: seats, glasses, tires, etc. Important components with high technology content and added value, such as: brake systems, clutches, gearboxes, steering systems, etc., still have to be imported.
Faced with this reality, solutions are needed to support Vietnamese enterprises to participate in the global value chain. In particular, state agencies need to have synchronous coordination between parties in developing and implementing policies to support enterprises.
To improve business capacity and access the global value chain, Mr. Luong Minh Huan recommended that there should be synchronous coordination between parties in developing and implementing policies to support businesses participating in the global value chain. At the same time, solutions to improve capacity and support businesses to participate more effectively in the global value chain should be fully and promptly implemented.
For businesses, it is necessary to be more proactive in the process of participating in the global value chain: Develop strategies, goals and implementation plans. At the same time, have a plan to allocate resources reasonably to improve capacity, participate more effectively in the global value chain, especially the capacity for innovation and adaptation.
In addition to the support of the State, enterprises need to take advantage of more support from various partners from business associations, international organizations, etc. In particular, leading enterprises in the chain need to promote their role in supporting other enterprises in technology and labor training to help them participate in the global value chain.
Along with that, business associations and other support organizations need to further promote their role as a connection between businesses in the same industry, between businesses in different industries, between domestic and international businesses. Strengthen capacity or cooperate with other organizations to conduct market research to provide information on the industry and technology for businesses. In particular, coordinate with management agencies to organize training programs to help improve business capacity; promote the role of a bridge to promote multilateral cooperation to improve capacity, support Vietnamese businesses to improve their position in the global value chain.
Mr. Chu Viet Cuong, Director of the Industrial Development Support Center (Department of Industry, Ministry of Industry and Trade ) said that in the context of Vietnam's industry entering a period of strong transformation in the context of deep international integration, green transformation - digital transformation and increasing demands from the global value chain, the center has been implementing service activities to support industrial enterprises; implementing the Supporting Industry Development Program for the period 2016-2025 and the following period. Along with that, connecting supporting industrial enterprises with multinational corporations and leading enterprises, such as: Samsung, Toyota ... to improve the capacity of Vietnamese supporting industrial enterprises. From there, turn these supporting industrial enterprises into suppliers of leading enterprises.
Source: https://hanoimoi.vn/nang-cao-nang-luc-doanh-nghiep-viet-trong-chuoi-gia-tri-toan-cau-704178.html
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