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Not only trying to find ways to endure for more than two years of the Covid-19 pandemic, but many enterprises in Binh Duong also seized every opportunity to improve their position in the global value chain, join the supply chain, take opportunities from the new wave of investment.

THACO Industries introduce advanced production technologies at the Vietnam Industry Fair 2022 held in Binh Duong.

New motivation

Mai Huu Tin, Chairman of Binh Duong Business Federation, said that the world’s economic situation changed very quickly, was complicated and unpredictable, enterprises continued to face many difficulties and challenges, especially the increase of raw materials’ price, risks from inflation and world economic recession. However, the business community have tried very hard to overcome difficulties, along with the strong flow of FDI investment capital into the province, this has been creating new opportunities.

In fact, FDI inflows have created new opportunities for global supply chains to develop. According to Trinh Thi Hong Chau, Director of Kim Chung Mechanical Company: “While the company previously focused on export partners, now it is looking for more FDI partners. Partners need high-quality goods, the company needs to export products right in Vietnam to save shipping costs. The company meets technical detail requirements and has started working with FDI partners. In the current volatile context, this is a good solution for both us and FDI partners.”  

Do Xuan Ngoc, Director of Trung Dung International Joint Stock Company (Di An City), said that businesses need to pay more attention to identifying core and breakthrough products to stimulate the development of the electronics industry faster and more efficiently. “Each enterprise needs to determine its appropriate products and customer segments, and at the same time needs to consider the ability to catch up with the world's general consumer trends and technology development in the current era. This helps domestic companies focus their resources on developing products with good competitiveness”, said Ngoc.

In fact, there are many FDI enterprises that have demands but have not met requirements of raw materials from Vietnamese partners. Adolfo Orive, President and CEO of Tetra Pak Company (VSIP 2), said that Tetra Pak wished to contribute to the economic development of Binh Duong, create job opportunities and stimulate local industry. Tetra Pak also wants to connect with raw material suppliers in Vietnam, but so far no organization has met their standards. He also expects that in the near future, there would be a domestic supply to develop production.

About this issue, Mai Huu Tin said: “Small and medium-sized enterprises can cooperate in form of a common industry group or a complementary industry. In addition, businesses can commit to prioritizing the use of services and consumption of each other's products. Products of one enterprise can be the input materials of the other enterprise, this helps saving costs, improving the quality of products and services, and heighten competitiveness for products”.

To keep up with the trend

Huynh Quang Nhung, Deputy General Director of THACO Industries, said that the current trend of shifting production facilities and developing new supply chains, especially the shift of mechanical production - heavy industries from developed countries to ASEAN and Vietnam is creating a huge space for these industries. THACO Industries is evaluated by many partners as meeting necessary conditions to supply products with large scale and good quality.

Nhung said that the global market is always changing, businesses must invest heavily in technology and innovation be adaptive. Competitiveness is a prerequisite when entering the global market. To be able to compete, it is necessary to improve production capacity, in which investment in core technology and application of automatic lines will bring great advantages. THACO Industries is surveying the market to invest in Binh Duong.

Besides manufacturing enterprises, large corporations like Becamex IDC, FDI inflows into Binh Duong also bring new opportunities and challenges. According to Dr. Pham Tuan Anh, IT Director of Becamex IDC, in the current period, Becamex IDC determines to improve competitiveness based on an advanced management model, cooperation and industrial symbiosis to effectively use raw materials, energy, resources, sharing of common services is one of the prerequisites for development.

Becamex IDC also support enterprises to promote transformation of production models, business cooperation, development of global value chains, improvement of operating methods based on technology. These factors are expected to affect the development model and orientation of enterprises.

Reported by Tieu My - Translated by Ngoc Huynh