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Archives of Business Research – Vol. 10, No. 8
Publication Date: August 25, 2022
DOI:10.14738/abr.108.12693. Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and
Recommendation. Archives of Business Research, 10(8). 175-185.
Services for Science and Education – United Kingdom
Financial Policy on Promotion of Supporting Industries for
Vietnam: Reality and Recommendation
Nguyen Ba Minh
Institute of Economics and Finance, Academy of Finance, Vietnam
Le Vu Thanh Tam
Institute of Economics and Finance, Academy of Finance, Vietnam
ABSTRACT
This study aims at analyzing aspects determining supporting industries (SIs) to
serve the task of developing such industries. Analyses show that though Vietnamese
SIs have obtained considerable improvements related to the scale and effect in
recent years, these progresses are still modest and unable to help the
manufacturing sector increase its added value and join the global value chain. The
results find the following culprits: the financial policies on SI development are not
compatible with main trends of market specialization and global value chain; chain
of domestic industrial production is till lacking; and inter-industry cooperation is
poor. Policy recommendations, therefore, are as follows: establishing the legal
infrastructure for SI development, design of a value chain for SIs, building of
clusters of SIs, and mechanism for promoting SI development.
Keywords: supporting industries, financial policy, promotion, Vietnam
JEL Codes: A10
INTRODUCTION
Industrialization is a factor in the modernizing process of the production technologies, and
industrial structure from a lower to higher levels (Li, 1997; Ohno, 2006). The industrialization
is considered successful when the production structure moves from assembling or doing
subcontracts (with huge volumes of imported raw materials) to integrating actively into the
global value chain with SIs developed to reduce imported raw materials (Mori, 2005; Ohno,
2007). Vietnam is trying to accumulate technologies to move from simple industries under
guidance of foreign companies to a highly-internalized industries that can join the global value
chain, and it therefore should make plan to develop SIs to serve its effort. This article aims at
discussing the financial policies to support SIs development in Vietnam. First of all, the paper
tries to build an analysis framework to identify aspects of the SI development to analyze.
Analyses of these aspects presented in the next section may serve as a basis for the planning
and policies on SI development needed for industrialization in the coming years.
BASIC THEORY AND LITERATURE REVIEW
Mori (2005) defines SIs as industries that supply manufactured inputs – intermediate goods
and capital goods - to other industries. In specific conditions of a country, however, SIs are
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determined by structure of existing industries, such as shares of industries that employ inputs
from SIs in total industrial production or export.
Porter (1990) considers SIs and industrial clusters are among factors that determine
competitiveness of supported industries, while Christophe et al. (2011) argue that
development of an industry depend very much on background and trend of international
economic integration. This implies that the role of SIs varies according to international
background, or in other words, analyzing fitness of SIs requires analyses of their compatibility
with international trends.
Additionally, identifying SIs also depends on production structure of the enterprise in specific
countries. As quoted by Ohno (2006), Professor Takahiro Fujimoto of Tokyo University has
suggested two basic architectural types in manufacturing: modular architecture and integral
architecture. Their characteristics could be seen in Table 1. Generally speaking, modular
architecture is suitable for obtaining quick results at low cost while integral architecture is
appropriate for the pursuit of everhigher quality in the long run. Generally speaking, modular
architecture is suitable for obtaining quick results at low cost while integral architecture is
appropriate for the pursuit of ever- higher quality in the long run.
Table 1: Modular versus Integral Manufacturing
Modular manufacturing Integral manufacturing
Parts interface Parts are common and can be used for any
model
Each product has unique parts,
specially designed
Merits Quick results and flexibility Endless pursuit of quality
Demerits No differentiation, excess entry, low profit,
lack of R&D
Much energy and time needed to
achieve results
Institutional
requirements
Openness, quick decision making, flexible
outsourcing
Long-term relations, building internal
skills & knowledge
Source: Ohno (2006), p. 15.
Manufacturing architecture of a country depends on its technological levels. Ohno (2006)
divides the industrial development of a country into four stages: stage 1, simple manufacturing
under foreign guidance; stage 2, having supporting industries, but still under foreign guidance;
stage 3, technology and management mastered, and being able to produce high-quality goods;
and stage 4, full capability in innovation and product design as global leader. He calls the move
from stage 1 to stage 2 agglomeration; stage 2 to stage 3: technical absorption; and stage 3 to
stage 4: creativity. Vietnam is trying its best to move from stage 1 to stage 2 because SI
development is still in a very early phase; only initial ideas are suggested; and the SI
development plan performs poorly. Better realization of the planning and developing SIs may
produce high added values for goods with competitive advantages, and provide good conditions
for the move to the stage of technical absorption and better integration into the regional
economy.
Kimura F. (2008) summarized his experience in supporting industry development in the book
"The Mechanics of Production Networks in Southeast Asia: The Fragmentations Theory
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Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and Recommendation. Archives of
Business Research, 10(8). 175-185.
URL: http://dx.doi.org/10.14738/abr.108.12693
Approach". This is a useful document for developing countries on supporting industry
development policies over time in Japan, Korea, and Taiwan. These policies focus on a few key
points: attracting foreign investment in supporting industry development, regulations on
localization rates and strong and effective support from the Government for business linkages,
such as: is a prerequisite for the development of SIs.
The aforementioned literature review shows that the planning of SI development requires
analyses of various aspects: background and trends of the world industrial development; value
chain of industrial production including manufacturing structure and participation in global
value chain; and linkages of existing sectors (forward and backward linkages) and roles of
industrial clusters/parks. Analytical results will serve as a basis for development planning and
recommendations to policies on SI development by absorbing new technologies.
RESEARCH METHODOLOGY
Data collection method
This article collected data from Statistical Yearbook and Annual report of General Statistics
Office and Minister of Industry and Trade in the period of 2011-2021 by manipulating logical
thinking to draw necessary scientific conclusions related to the content of financial policy on
promotion of development of supporting industries in Vietnam. By reviewing the scientific
literature from various official sources around the world as well as practicing the method of
systematizing theory and history, the article has reached important conclusions on the issues
involved. to the current status of financial policy on promotion of supporting industries for
Vietnam.
Data analysis method
This article applied the method of synthesizing, analyzing and comparing secondary data on
the content and issues related to financial policy on promotion of supporting industries for
Vietnam in the period of 2011-2021. From there, some solutions are recommended to improve
these policies for the coming period.
RESULT AND DISCUSSION
An overview on Vietnamese SIs
a. Background and Development Trends of Sectors
With the attention and promotion of support in terms of mechanisms and policies, Vietnam's
supporting industry has had clear effects.
Firstly, according to the Steering Committee 35 of the Ministry of Industry and Trade (2020),
Vietnam currently has about 2,000 enterprises producing spare parts and components, of
which only about 300 are involved in the multinational supply chain, creating jobs for more
than 600,000 employees. The number of enterprises operating in the supporting industry
currently accounts for nearly 4.5% of the total number of enterprises in the processing and
manufacturing industry.
Secondly, market for manufactured consumer goods is polarized remarkably. Developed
countries tend to consume final manufactured goods from technology- intensive industries;
technological value is considered as a top priority and consumers support eco-friendly and
good-for-health products (Kunnanatt, 2011). This implies that only a few opportunities are
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available for manufactured goods from developing countries to penetrate into developed
markets or get through technical barriers set by developed countries to protect their
consumers (Kunnanatt, 2011).
Thirdly, most economies are interdependent: a manufactured commodity is divided into
various stages or components and produced in many countries based on their comparative
advantages (Cudney & Elrod, 2011). Developed countries undertake designing and finishing the
commodity (the first and last stage of production) while developing and emerging economies
produce equipments, components, and control assembling lines (intermediate stages); these
stages are assigned according to comparative advantages of developing countries (Kunnanatt,
2011; Cudney & Elrod, 2011).
Fourthly, global sources of capital mainly come from developed economies that manipulate
production in developing countries through business strategies of multinationals based on
comparative-advantage principle to minimize production costs (Cantarello et al., 2011). This
process is supported by governments of developed countries through official aid to
infrastructure and financial development in developing countries (Cantarello et al., 2011).
The above facts show that division of markets and production chains is taking place at the global
level based on exploiting comparative advantages of each economy. This implies that nations
should position their roles in the global market and production chain. In other words, all
nations should identify export markets for their staple products and their positions in the global
value chain. This means more difficulty for Vietnam when its staple exports depend too much
on foreign markets, its technological absorption is poor, its SIs are scattered and the global
value chain has been positioned in developed economies.
b. Value Chain in Vietnamese Industrial Sector
Industries considered as advantages for Vietnam are labor-intensive ones that employ simple
technologies, exploit natural resources, and attract huge foreign direct investments (Porter et
al., 2010). Its staple exports, therefore, are mainly from labor- intensive and natural-resource- dependent industries (Figure 2). This is a characteristic of a manufacturing sector with simple
structure, without SIs and a driving force to improve technological and managerial capacity of
local firms (Ohno 2006; Mori 2005).
At present, Vietnam has no industry with a totally-internalized structure. Even in industries
with high export values such as clothing and footwear, internalization ratio is still very low
because imported raw materials and machinery represent huge proportions of export value
Moreover, Vietnam has not determined which one among its industries will join the global value
chain while its production under foreign guidance has a low internalizing ability. A list of
Vietnam’s staple exports shows that spare parts and accessories represent small quantities;
and most of them are electronic components produced by FDI companies and depend on
foreign markets.
The share of Vietnamese SIs in the global value chain is much smaller. For example, the
mechanical engineering industry only meets more than 32% of the demand for mechanical
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Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and Recommendation. Archives of
Business Research, 10(8). 175-185.
URL: http://dx.doi.org/10.14738/abr.108.12693
products, the product quality is not good, the price is high, the competitiveness of the products
is still poor, there are almost no major industrial products. force in mechanical engineering.
c. Linkages Between Industries
Supporting industries are interested, promoting linkages, improving supply chain stability for
key manufacturing industries of Vietnam such as textiles, footwear, electronics, agricultural
product processing industry... Initially forming the supporting industry ecosystem and
increasing the localization rate; Product structure has had a positive shift when the proportion
of high- and medium-tech products in Vietnam has increased significantly, creating the basis
for the formation of a number of large-scale and capable private industrial groups. compete in
the international market; Typically, Vietnam's automobile industry, for the first time affirms its
autonomy in investment, production, technology mastery and participation in the global value
chain. The proportion of processed exports in total export value increases from 65% in 2016 to
85% in 2020; The proportion of export value of high-tech products increased from 44.3% in
2016 to 49.8% in 2020.
Vietnamese industries are scattered in terms of value chain and space for production. Local
firms do not form a value chain for a complete industry comprising supply of inputs, production
and supply of outputs. Generally, most industries rely on imported inputs, especially raw
materials and spare parts. This is the reason why their production cost is high and
competitiveness low. Moreover, Vietnam’s economic sectors usually operate separately, as
remarked by Porter et al. (2010, p. 95), “state enterprises concentrate on capital-intensive
activities such as transportation and utilities. Private enterprises focus on more short-term and
service-oriented activities such as retails, hotels and restaurants, real estate, etc. FDI
enterprises initially focused on import-substitution manufacturing and then gradually shifted
more to export-oriented light industries and recently to real estate.” Lack of linkages between
economic sectors prevents technology transfer and limits access to the global value chain for
local firms. Zoning area for industrial parks and clusters is usually carried out to facilitate
control over companies instead of trying to bring similar factories together to form some
linkages between them. As Porter et al. (2010) put it, cluster development in Vietnam has the
following features: “presence of naturally emerging agglomerations; focus on narrow
industries; low level of active collaboration; economic policy tools, e.g. industrial parks, not
systematically oriented towards clusters; sector-oriented policies largely driven by traditional
industrial policy ideas; and poor implementation.”
Financial policies on promotion of SIs in Vietnam
The policy on SI development has just been given some attention recently. Decision
12/2011/QĐ-TTg issued by the PM on Feb. 24, 2011 introduced some measures to develop Sis.
The Decision offers encouragement to many SIs, including mechanical engineering, electronics
– informatics, automobile assembling and manufacturing, clothing, footwear, and high-tech SIs.
A policy encouraging participants in SI development in terms of marketing, infrastructure,
technical assistance, training, information service and financial support has been also
introduced. Generally, SI development policy limits itself to a list of industries and fields
provided with encouragement from the government. No specific planning for the SI
development suggesting a schedule, a location and necessary measures is set forth. The new
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policy, after its promulgation, is not associated with plans or projects to develop or link SIs with
industries producing finished goods, or identify SIs that can join the global value chain.
a. Tax policy
Guiding to Decision No. 12/2011/QD-TTg, the Ministry of Finance issued Circular No.
96/2011/TT-BTC detailing the preferential policies on export tax and import tax; on the State's
development investment credit loans; on financial support policies according to regulations on
support for SME development; policies for projects on production of supporting industry
products for high-tech industry development. Accordingly, a series of incentives on export tax
and import tax have been applied to enterprises and investors operating in the field of
supporting industry.
In addition, in order to continue to improve the legal framework and create more favorable
conditions for the supporting industry to develop, in 2014, the National Assembly passed Law
No. 71/2014/QH13 amending and supplementing a number of articles of the Laws on tax.
Accordingly, the Law has introduced regulations on the highest incentives for CIT (10% tax rate
for 15 years, 4 years exemption and 50% reduction of payable tax for 9 years from the date of
having taxable income). ) for investment project to produce supporting industry products.
On the basis of the above tax policies, the Government continues to issue decrees: Decree
12/2015/ND-CP of the Government guiding Law No. 71; Decree 111/2015/ND-CP on
development of supporting industry. Along with that, relevant ministries and branches have
also issued a number of guiding documents, implementing tax incentives into practice.
Specifically: Circular 55/2015/TT-BCT of the Ministry of Industry and Trade guiding
procedures for certification of incentives for projects producing supporting industry products;
Circular 21/2016/TT-BTC of the Ministry of Finance guiding CIT incentives for supporting
industry production projects has been issued to guide CIT incentives for supporting industry.
Then, on January 18, 2017, the Prime Minister issued Decision No. 68/QD-TTg approving the
Supporting Industry Development Program from 2016 to 2025 and Decision No. 10/2017/QD- TTg dated April 3, 2017 on the Regulation on management and implementation of the
Supporting Industry Development Program. These are policies that contribute to creating a
driving force for the development of the supporting industry in Vietnam as well as encouraging
domestic and foreign investors and businesses to invest in this field.
On June 4, 2021, the Government issued Decree No. 57/2021/ND-CP supplementing point g,
Clause 2, Article 20 of Decree No. 218/2013/ND-CP (amended and supplemented in Decree No.
12/20165/ND-CP) on corporate income tax incentives for enterprises having projects to
produce supporting industry products.
Accordingly, the Decree clearly states that enterprises with investment projects (new
investment and expansion investment) manufacturing products on the list of supporting
industrial products prioritized for development must be implemented before January 1. In
2015, satisfying the conditions of a project to produce supporting industry products as
prescribed in Law No. 71/2014/QH13 and being granted a certificate of incentives for
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Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and Recommendation. Archives of
Business Research, 10(8). 175-185.
URL: http://dx.doi.org/10.14738/abr.108.12693
production of supporting industry products by a competent authority, the enjoy preferential
corporate income tax. As follows:
In case an enterprise has a project to produce supporting industry products but the income
from this project is not yet entitled to enterprise income tax incentives, it is entitled to
enterprise income tax incentives according to the conditions of the production project.
Supporting industry products from the tax period are granted a certificate of incentives for
production of supporting industry products by a competent authority.
In case an enterprise has a project to produce supporting industry products and the income
from this project has already enjoyed all incentives for corporate income tax under other
preferential conditions (besides the preferential conditions for supporting industry products
production projects), ) are entitled to corporate income tax incentives according to the
conditions of the supporting industry product production project for the remaining time from
the tax period granted the certificate of preference for supporting industry product production
by the competent authority.
In case an enterprise has a project to produce supporting industry products and the income
from this project is enjoying corporate income tax incentives under other preferential
conditions (besides the preferential conditions for supporting industry product production
projects), ) are entitled to corporate income tax incentives according to the conditions of the
supporting industry product production project for the remaining time from the tax period
granted the certificate of preference for supporting industry product production by the
competent authority.
The remaining incentive period is determined by the corporate income tax incentive period
according to the conditions of the supporting industry product production project minus the
number of years of tax exemption, the number of years of tax reduction. the number of years of
enjoying the preferential tax rate and enjoying incentives under other preferential conditions,
specifically:
The remaining tax exemption period is equal to the tax exemption period according to the
conditions of the supporting industry product production project minus the tax exemption
period already enjoying incentives under other preferential conditions.
The remaining tax reduction time is equal to the tax reduction period according to the
conditions of the supporting industry product production project minus the tax reduction
period already enjoying incentives under other preferential conditions.
The remaining time for application of the preferential tax rate is equal to the period of tax
incentives according to the conditions of the supporting industry product production project
minus the period of tax incentives already enjoyed under other preferential conditions (if any).
It is worth noting that these tax policies have stated very specifically the objectives of groups in
the supporting industry in Vietnam. Example: In the field of spare parts, specify: Development
of metal parts, components
b. State budget expenditure policy
Clause c, Article 6 of the Prime Minister's Decision 12/2011/QD-TTg clearly states: Investors
of supporting industry products production projects are small and medium-sized enterprises
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that are entitled to financial support policies as prescribed in Clause 1 of this Article. Decree No.
56/2009/ND-CP dated June 30, 2009 of the Government on support for the development of
small and medium enterprises.
According to Decree 56/2009/ND-CP, the financial support from the State budget through the
establishment of the Small and Medium Enterprise Fund. The source of this fund is partly
funded by the state budget. The Small and Medium Enterprise Development Fund was
established under Decision 601/QD-TTg dated April 17, 2013 of the Prime Minister. The
charter capital of the Fund is 2,000 billion VND from the State budget with a term of 3 years
and the first 2 years. 500 billion VND each year for the 3rd year, 1000 billion VND.
Thus, the process of establishment and support of the State budget for the Small and Medium
Enterprises Development Fund shows that the decision to support the state budget for the
development of supporting industry was made by the Government in 2011 (Decision 12/2011/
QD-TTg, but it was only implemented in 2013. Moreover, the state budget supported 2000
billion for the development fund of small and medium-sized enterprises, not only supporting
enterprises in the field of supporting industry but also supporting small and medium-sized
enterprises. This shows that the level of support from the state budget for supporting industry
development is symbolic, with the nature of "bait" capital to encourage economic sectors to
invest in supporting industry development. The state budget is still limited and must be used
for many other purposes, but it is thought that with the position and importance of supporting
industry in the development of the main industry of the country in the context of promoting
industrialization and modernization and international economic integration. economy, and
supporting industry is still in its infancy, such direct state budget investment is not
commensurate.
c. Credit policy
Currently, the Government and the State Bank of Vietnam (SBV) consider supporting industry
as one of five economic sectors (including agriculture and rural areas; export; supporting
industry; small and medium-sized enterprises; enterprises). high-tech applications) are given
priority to grant credit with preferential interest rates and a number of other preferential
policies to support development.
The Government has issued Decree 111/2015/ND-CP dated November 3, 2015 on the
development of supporting industry, in which, the credit policy to support the development of
supporting industry is (i) Project of production of supporting industry products under the
management of supporting industries. the development priority list is entitled to borrow at the
investment credit interest rate from the investment credit source of the State (via the Vietnam
Development Bank); (ii) To get short-term loans in Vietnam dong at credit institutions (CIs)
with the interest rate ceiling according to the regulations of the State Bank; (iii) Small and
medium-sized enterprises producing supporting industry products on the List of supporting
industry products prioritized for development may borrow up to 70% of investment capital at
credit institutions on the basis of guarantees from credit guarantee institutions.
The policy of supporting supporting industry development of the Government of Vietnam
continues to be concretized in the Supporting Industry Development Program for the period
2016-2025 (Decision No. 68/QD-TTg dated January 18, 2017); Regulations on management
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Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and Recommendation. Archives of
Business Research, 10(8). 175-185.
URL: http://dx.doi.org/10.14738/abr.108.12693
and implementation of the Supporting Industry Development Program (Decision No.
10/2017/QD-TTg dated April 3, 2017); Guidelines for the establishment, management and use
of funds for the Supporting Industry Development Program (Circular No. 29/2018/TT-BTC
dated March 28, 2018).... Through supporting industry development programs, businesses will
be supported to improve production and business capacity and have the opportunity to
participate deeply in the global production chain.
For the banking industry, in the annual Directives on banking activities and documents
directing credit activities, the State Bank always requires credit institutions to balance lending
capital for priority areas and regulations. ceiling interest rates for short-term loans in Vietnam
dong are lower than normal lending rates by 1-2%/year. The SBV also directed the State Bank's
branches in provinces and cities to actively organize the connection between banks and
enterprises to grasp and remove difficulties and enhance enterprises' ability to access credit
capital.
In addition, the State Bank issued Circular No. 01/2016/TT-NHNN guiding the lending policy
for supporting industry development (Circular 01). Accordingly, in Clause 1, Article 3 of
Circular 01 on lending policy for projects producing supporting industry products prioritized
for development, it is stipulated that credit institutions and foreign bank branches shall apply
lending interest rates. Short-term loans in Vietnam dong for short-term loans for projects on
production of supporting industry products prioritized for development must not exceed the
maximum short-term lending interest rate in Vietnam dong of credit institutions, bank
branches. to foreign borrowers to meet the capital demand for a number of economic sectors
and sectors decided by the Governor of the State Bank from time to time.
Clause 2, Article 3, Circular 01 stipulates: When small and medium-sized enterprises borrow
capital from credit institutions on the basis of guarantees from credit guarantee organizations
for small and medium-sized enterprises as prescribed, to invest in projects. Projects for
production of supporting industry products prioritized for development, in addition to the
preferential lending policy in Clause 1 of this Article, are also considered by credit institutions
to lend up to 70% of investment capital when meeting the conditions specified in Point a, Clause
1 of this Article. 2 Article 12 of Decree 111/2015/ND-CP.
After that, the State Bank issued Circular No. 39/2016/TT-NHNN, which stipulates that
customers operating in supporting industry are considered and decided by credit institutions
to give short-term loans in Vietnam Dong with interest rates not exceeding The maximum
lending interest rate is decided by the Governor of the State Bank from time to time. Currently,
the maximum lending interest rate for the supporting industry sector is 4.5%/year - showing
the efforts and sharing of the banking industry to businesses.
Policy recommendations
To help SIs development and serve as a driving force for domestic industries, and find a foothold
in the global value chain, the government should adopt various encouraging policies:
Firstly, building a legal infrastructure for SI development by introducing an SI development
master plan that serves as a basis for similar plans at provincial/municipal level: Provinces in
the same economic zone can cooperate in developing their SIs. A National SI Commission can
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be formed to monitor the whole process, give advices about SI planning and policies to both
central and local governments.
Secondly, examining designs of manufacturing chain in certain industries to identify supporting
stages in the chain: In Vietnam up until now, making such designs have been done totally by
companies. It is about time the government assumed the responsibility in some key industries
to determine which stages belong to SI and include them in the SI development plan.
Thirdly, carrying out a pilot project to build an SI cluster in a province where manufacturing
sector develops well: The selected province may be in Eastern South Vietnam that enjoys the
highest economic growth rate. To ensure success for the pilot project, several well-managed
state-owned companies can be allowed to play leading roles. Target industries may be clothing
or footwear ones because they produce staple exports.
Fourtjly, introducing a mechanism for promoting SI development: This support should
comprise improved infrastructure, technical and financial assistance, and establishment of
close linkages in the value chain. The mechanism can be realized through various programs and
projects that aim at attracting more companies to SIs.
CONCLUSION
SIs play a crucial role in generating added values for manufactured products. An SI development
plan should be based on analyses of international background, manufacturing value chain and
linkages between domestic and foreign industries. Such a plan should identify a list of SIs and
their future positions in the global value chain; along with locations, schedules and methods of
implementing the plan. In addition to the plan, various policies should be adopted to encourage
the SI development, including policies to improve legal system, make designs of value chains
for key industries, carry out a pilot project to build an SI cluster, and establish a mechanism for
promoting SI development.
ACKNOWLEDGMENTS
The authors would like to thank not only the Board of Institute of Economics and Finance for
their command and financial act but also the reviewers for their constructive comments on this
article.
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Minh, N. B., & Tam, L. V. T. (2022). Financial Policy on Promotion of Supporting Industries for Vietnam: Reality and Recommendation. Archives of
Business Research, 10(8). 175-185.
URL: http://dx.doi.org/10.14738/abr.108.12693
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