Improving financial management capacity for handicraft production units

Morning of September 12, in Cua townWorkshop on "Improving financial management capacity of the industry"Handicraftsintegration period". Attending were Associate Professor Trinh Quoc Dat - Vice President of Vietnam Craft Villages Association, Mr. Le Duc Anh - Deputy Director of Nghe An Department of Industry and Trade, representatives of relevant departments and branches, and nearly 100 artisans and skilled workers in the field of handicrafts in the province.

Overview of the workshop. Photo: Quang An

The workshop aims to listen to the opinions of experts and scientists, and the thoughts and concerns of artisans and production facilities.craft villagein financial management activities of the handicraft industry and craft villages in the context of integration to provide directions and solutions for the Vietnamese handicraft industry and craft villages to develop sustainably and integrate deeply into the regional and world economy.

Vietnam is a country with strengths in handicrafts. Currently, Vietnamese handicraft products are present in 163 countries and territories around the world. Improving financial management capacity will help handicraft production units and craft villages equip themselves with the right mindset and awareness of financial management strategies in the production and business process.

Assoc. Prof. Trinh Quoc Dat - Vice President of Vietnam Craft Villages Association spoke at the workshop. Photo: Quang An

However, the handicraft industry in the province is currently facing many challenges such as: technical barriers, market access, financial management capacity, human resources, vocational training and the ability to develop stable and quality input materials in the value chain of small-scale production facilities, limited financial capacity, and the consumer market depends on the consumption of a number of enterprises, so it is very passive.

Mr. Le Duc Anh - Deputy Director of the Department of Industry and Trade of Nghe An province commented that Nghe An has potential to develop the handicraft industry. Photo: Quang An

At the workshop, delegates listened to 5 presentations, including: The impact of the EVFTA on the Vietnamese economy in general and the handicraft industry and craft villages in particular; Advantages and legal barriers on financial capacity for the handicraft industry in the context of promoting international integration; Current situation and solutions on the capacity to exploit, manage and use finance in production and business of handicraft establishments and craft villages in Nghe An province; Solutions to innovate design capacity to improve the competitiveness of handicraft products and craft villages in the integration period; Financial management challenges for business owners and solutions to overcome them.

After listening to the presentations, the delegates discussed and found solutions to improve production capacity and financial management for the handicraft industry, focusing on the following groups of solutions: Reviewing planning work in development orientation and ensuring sustainable raw material sources for handicraft industries; Establishing a system for technical improvement and improving product quality; Promoting research and expanding product consumption markets; Improving management capacity for handicraft enterprises and production facilities; Encouraging social consumption of goods.TCMN...

Handicraft production in Nghe An. Photo: Quang An

According to statistics by the end of 2019, Nghe An province had nearly 500 craft villages and villages with crafts, of which 164 craft villages were recognized by the Provincial People's Committee as meeting the prescribed criteria. The annual production value from craft villages and villages with crafts is from 14-15%, accounting for 6-7% of the total industrial production value of the province. Craft villages and villages with crafts attract 24-25 thousand regular workers...