Hanoi (VNA) – The Asia-Pacific Economic Cooperation (APEC) member economieshave adopted the Support Industry Initiative proposed by Japan and Vietnam.
Theinitiative aims to evaluate polices and experience in developing Vietnam’smodern support industry, through which Vietnam will partner with Japan and the APECPolicy Support Unit to devise a set of policy guidelines and good governancepractices on APEC Support Industry, which are expected to be submitted to the APECJoint Diplomatic-Economic Ministerial Meeting later this year.
MacQuoc Anh, Vice Chairman and General Secretary of the Hanoi Small and Medium EnterprisesAssociation, underscored the importance of the initiative because 97 percent ofVietnamese businesses are small and medium-sized enterprises (SMEs).
Hesaid supporting SMEs is a necessary task, saying that they create jobs, valueand stability while State-owned enterprises attract as much as 80 percent ofdomestic capital but create a mere 20 percent of value.
LuongHoang Thai, head of the Ministry of Industry and Trade’s Multilateral Trade PolicyDepartment, described the development of the support industry as a strategicchoice of APEC member economies.
Headded that one of the pillars of APEC Year 2017 is creating a driving force forits member economies to further integrate into the regional and global supply,manufacturing and value chain while promoting support industries and services.-VNA
The Ministry of Industry and Trade has launched a website to update regularly legal documents and policies of State agencies on the support industry at www.support.gov.vn.
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The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Illustrative image (Source: VNA) 
