Food technology industry urged to hone competitive edge
(VOV) - Hanoi hosted an August 2 seminar discussing the Vietnamese technology industry’s future orientations including long-term perspectives looking towards 2030.
Vu Quoc Hung, deputy head of the Ministry of Industry and Trade’s (MoIT) Industrial Policy and Strategy Institute, reported the industry’s 2006–2010 growth rate stood at roughly 16 percent, Its best performing divisions included confectionery (nearly 30 percent), glutamate (over 10 percent), and instant noodles (10 percent annually).
Confectionery is expected to expand a further 8–10 percent annually from 2011 to 2014 and begin exporting by 2020.
Hung said the food technology industry is targeting an initial 14 percent export growth rate in 2020, rising to revenues of around US$1 billion by 2030.
Achieving this will require a clear strategy for maximising local businesses’ global competitiveness, upgrading assembly technology, and promoting the reputation of its brands.
Deputy Industry and Trade Minister Ho Thi Kim Thoa said the industry’s sustainable domestic and international development can be assisted by incentive policies from relevant agencies, trademark registration, trade promotion, and accurate and timely market data collection and analysis.
Thoa added global economic fluctuations make ensuring food quality, safety, and hygiene standards are reliably met all the more important.