HA NOI (Biz Hub) — Viet Nam could only escape the middle-income trap by developing the manufacturing and industry sector to create new products, the Viet Nam Chamber of Commerce and Industry (VCCI) heard yesterday. Doan Duy Khuong, vice chairman of the VCCI told the Viet Nam Manufacturing and Industry Forum held in Ha Noi yesterday that the country could lead other industries based on knowledge and creativity instead of natural resources and low labour cost. Last year, there were only 36 per cent of Vietnamese enterprises participating in the production chain toward exports, he added. “The rate is too low in comparison to the rate of around 60 per cent in Malaysia and Thailand,” Khuong said. The strong development of industrial and construction sectors in 2015 was one of the factors contributing to the highest economic growth rate over the past seven years. However, 21 per cent of small and medium-sized enterprises in Viet Nam have joined the global supply chain. He said most of the local firms do not have adequate knowledge of the challenges they could encounter when meeting international organisations or as part of teams involved in free trade agreements with regions and big economies. Domestic… Read full this story
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