Addressing the foundation ceremony, VASMIE president Nguyen Xuan Son said that association establishment would contribute to boost development of Vietnamese enterprises and raise their competitiveness and position in the region and the world.

VASMIE will soon set up specialised divisions and adopt specific action plans, Son said. The association will also build a website, organise advertisement, trade promotion and product introduction, he added.

Son said the association would provide guarantee for its members to access bank loans until the end of 2009.

Vietnam now has almost 1,500 industrial enterprises with over 25 trades. The enterprises provide jobs to millions of labourers nationwide, contributing 22.5 percent to the GDP.