04 funding for the execution of the Supporting Industry Development Program from January 01, 2016 in Vietnam

According to the Decree No. 111/2015/NĐ-CP of the Vietnam’s Government, 04 funding for the execution of the Supporting Industry Development Program include:

- Funding from the State according to the applicable regulations;

- Funding from entities for carrying out the development of supporting industry;

- Sponsorships and contributions from domestic and foreign individuals and organizations;

- Other lawful sources of capital regulated in Vietnam Law.

Note: The Ministry of Trade and Industry of Vietnam makes and aggregates estimates of funding for supporting industry into its combined annual budget and submits it to the Ministry of Finance, Ministry of Planning and Investment of Vietnam and other relevant agencies. People’s Committees of provinces and central – affiliated cities (hereinafter refer to as provinces) shall make and aggregate the estimation of funding for supporting industry into the local annual budget estimate and submit it to competent authorities to approve.

Besides, contents of the Supporting Industry Development Program include:

- Assist in improving enterprise competence: business administration, production management, connect supporting industrial product manufacturers with customers, supply products to multinational groups and other domestic and foreign supporting industrial manufacturers; promote consuming market;

- Support in training labor force to meet the needs of supporting industrial production;

- Assist in research and development, technology application and transfer and renovation in trail manufacturing of components, accessories and materials;

- Disseminate knowledge and information on policies, market and Vietnam’s supporting industry capability through various forms such as workshops, news, publications and advertisements posted on other mass media;

- Promote international cooperation and attract foreign investment in the supporting industry;

- Assist in setting up technical standards and specifications of supporting products on the List to comply with the international and regional standards;

- Create and update the database of domestic and foreign supporting industries on a dedicated supporting industry web portal.

View more details at the Decree No. 111/2015/NĐ-CP of the Vietnam’s Government, effective from January 01, 2016.

Ty Na

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