To invest in market research, product development

Amidst the Covid-19 crisis, industry and trade branch has focused on enhancing restructuring in manufacturing areas, completing the business investment environment, facilitating the rise of internal forces, encouraging enterprises and commodities to grow.

Manufacturing operations at HTC Glove Joint Stock Company (Rach Bap Industrial Park, Ben Cat Town).

 To ignite internal forces

At the latest conference on socio-economic situation in June 6 and over the first 6 months of 2020, Minister of Industry and Trade Tran Tuan Anh contended that amid the Covid-19 crisis, there was an opportunity for Vietnam economy to further develop and implement more effectively the multilateral, diversifying policy on export markets and partners. It is also time to help Vietnamese ministries, sectors, and enterprises be more aware of risks of dependence, focusing on one or a few markets or partners as fluctuations happen.

Particularly, with its responsibilities, the industry and trade branch has focused on accelerating the process of economic restructuring in each sector, each industry in both immediate and long-term orientations, meeting standards of the origin of goods, geographical indications, promotion of agricultural processing products; Rapid, intensive development of some strategic industries with high competitive advantage. Another solution also given by the industry and trade branch is to ignite internal forces, encourage Vietnamese enterprises to develop, and encourage Vietnamese goods by means stimulating productivity, quality improvement on the basis of innovation, technology, governance capacity and digital transformation.

According to Dien Quang Hiep, Chairman of Binh Duong Furniture Association (BIFA), the development of e-commerce tools, digital platforms and mobile devices help enterprises quickly access to clients without too large premises and a lot of manpower, open 24/24, to remove geographical distance, reach and understand the manufacturer at the best possible level, shorten the order process. In the middle of the pandemic, many enterprises of BIFA have steadily expanded e-commerce, maintained their number of orders. Furthermore, the application of e-commerce promises to be a dependable business platform to help enterprises sustain and grow sustainably, notably in the current context.

Truong Thi Ngoc Thiep, Director of Vinh Hiep Company-Binh Duong branch (South Tan Uyen industrial park), said trade promotion activities were helping Vietnamese coffee products be widely known by the application of modern technologies, making good use of sales methods, and gradually making focused investment in deep processing technology. This is a condition for sustainable future development of trademarks and exports.

To go along with the market

According to Ministry of Industry and Trade, this is the time when businesses need to focus on market research to have a sustainable step. Accordingly, businesses need to exploit maximally the Chinese market. In addition, it is necessary to observe the available markets on the basis of reviewing and identifying the types of goods that these countries need to import. Due to the pandemic, enterprises may carry out trade promotion through online form, especially for products have real demands. Tran Thi Tra, Director of HTC Gloves Joint Stock Company (Rach Bap industrial park, Ben Cat town), said the company is now pushing its capacity, investing in more modern machinery to boost exports. The company has also had a pan for plant expansion to meet market requirements.

Ministry of Industry and Trade determined the focus of the restructuring is supporting industry, and it now need to restructure the chain of links to be of service to industrial production, especially some major manufacturing industries such as textile, footwear, electronics, furniture in a more sustainable direction with some partners, such as South Korea, Japan, India, avoid too big dependence on one or a handful of partners or markets. Along with the other two pillars as investments and exports, the third-key pillar is the domestic market and needs to be exploited and promoted well to serve for general growth.

Regarding the market situation over the first 6 months, the provincial industry and trade branch assessed that with the advantage in effective disease control, macroeconomic stability, well-maintained national defense and security, Binh Duong has many advantages in attracting investment and export contracts. In order to stimulate production in the direction of industrial restructuring, the industry and trade branch also continues to monitor difficulties and problems of enterprises and industry associations in order to promptly solve and report to the authorities. In order to support enterprises in restructuring, the industry and trade branch accelerates the performance of development projects approved by Provincial People's Committee; submit to Provincial People's Committee for approval "The project on development of wood processing industry in Binh Duong province until 2025, orientation towards 2030"; "Project on mechanical engineering development of Binh Duong province until 2025, orientation towards 2030"; carries out the Project of Building Supply Chain Database...

 Reported by Tieu My - Translated by Ngoc Huynh

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