If Vietnam imports most input materials needed for domestic production, it will become an outsourcing economy, officials have warned. The Central Economic Committee (CEC) on November 25 in collaboration with the Vietnam Academy of Science and Technology organized a workshop on the development of the materials industry by 2030. Vietnam has to import 90 percent of fabric needed for the textile and garment industry CEC’s Deputy Head Cao Duc Phat stressed that developing a materials industry is an important issue for all countries, especially ones promoting industrialization and modernization, and integrating more deeply into the world economy. “We must not import nearly all input materials for industrial, agricultural production and other fields. If we continue to do this, our production costs will be higher than our rivals and Vietnam will turn into an outsourcing economy,” Phat said. When the world market fluctuated because of Covid-19, the enterprises relying on import materials faced serious difficulties. “in order to build an economy with high competitiveness, it would be better to be self-sufficient in materials,” Phat said. “The materials need to be as good as import materials or better than import materials, and they need to be cheaper.” MOIT also pointed out that one… Read full this story
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