Vietnamese PM Calls for Greater Participation by Domestic Firms in Supply Chains
Vietnamese Prime Minister Lê Minh Hưng told the National Assembly on November 12 that the government would improve regulations, reduce business costs and propose incentives for foreign invested firms to transfer technology and use domestic suppliers. He also addressed the delegation of authority to local governments, public investment and growth targets for 2027.
On the afternoon of November 12, Vietnamese Prime Minister Lê Minh Hưng told the National Assembly during a question and answer session that the government would improve the legal framework and reduce administrative procedures and business requirements to cut the time and cost of compliance for companies. He stressed the need to unlock more domestic resources and help Vietnamese businesses build their capabilities and participate more deeply in supply chains.
Vietnamese Prime Minister Lê Minh Hưng answers questions from National Assembly deputies.（VietVance）
Responding to concerns about exports’ heavy reliance on foreign direct investment enterprises and the financing costs faced by small and medium sized businesses, Lê Minh Hưng said the government would promote supporting industries, trade promotion and the use of free trade agreements. In the draft amended Investment Law submitted to the National Assembly, the government proposed incentives for foreign invested firms to commit to technology transfer, use more Vietnamese suppliers and train skilled workers locally. The government also plans to track indicators such as the domestic sector’s share of exports and the rate of local sourcing in supply chains in its annual socioeconomic reports.
Addressing cases of officials avoiding responsibility and delaying work, Lê Minh Hưng said the government was conducting a comprehensive review of the delegation of authority to local governments and would further clarify the responsibilities of agencies at each level. Where duties are clear but staff fail to meet requirements for progress and quality, the government will assess their responsibility and promptly reassign or replace personnel in the relevant posts.
Discussing growth targets for 2027, Lê Minh Hưng said the government would prioritize public investment resources for infrastructure and projects connecting regions, selecting key projects with broad economic impact that can be carried out quickly while meeting quality standards. The government will also coordinate fiscal and monetary policies to support growth while maintaining macroeconomic stability and controlling inflation.
Source: VietVance
