Representatives of the HCM City Centre for Supporting Industries Development, Saigon Hi-Tech Park and Techtronic Industries Co. Ltd., sign a MoU in HCM City on July 2 to boost local spare parts suppliers . — VNS Photo

 HCM CITY — The HCM City Centre for Supporting Industries Development, Saigon Hi-Tech Park and Techtronic Industries Co Ltd on July 2 signed a memorandum of understanding (MOU) to improve the capacity of supporting industries and link up vendors with the company’s supply chain.

The SHTP will help Techtronic identify and connect with local partners.

It will work closely with the centre to organise activities, events, training programmes, and roundtable forums to help improve Vietnamese suppliers’ capacity to access its value chain, and foster those that can provide high-precision equipment, materials, moulds, metal components, spare parts, high-quality plastic, electronic components, microelectronic circuits, software, and services for a number of high-tech industries.

It will connect State agencies, universities and businesses to create a human resource training network for high-technology application and development.

The company (TTI) will help local businesses with technology transfers from itself and its partners.

TTI also signed an MoU with Agribank and Vietinbank yesterday for banking services and financial solutions for itself and its subsidiaries, affiliates, business partners, and vendors at competitive prices.

It is a fast-growing world leader in power tools, accessories, hand tools, outdoor power equipment, and floor care for do-it-yourself (DIY), professional and industrial users in the home improvement, repair, maintenance, construction and infrastructure industries, with 12 plants worldwide.

It supplies some 76 per cent of its products to the US and EU.

It has some small factories in Bình Dương and is in the process of setting up its largest factory along with an R&D centre at the SHTP.

Therefore, TTI wants to partner with CSID and SHTP to develop domestic supply chains and hopes more will become its suppliers.

Nate Easter, TTI’s executive vice president, global sourcing, said: “This is our very first supplier workshop in Việt Nam.[…] Right now our local content is around 38 per cent and our goal is to achieve 85 per cent by 2024 and the goal by the year-end is over 60 per cent.

“We are highly confident that companies in Việt Nam can meet all requirements.”

Nguyễn Anh Thi, head of the SHTP management, said the park would focus more on enhancing linkages between large investors and local firms to help improve the latter’s capacity and their engagement with the global value chain. — VNS