Illustrative image (Source: VNA) Hanoi (VNA) – The Government has asked for drastic measures to review and choose suitable foreign-invested projects, while applying solutions to attract investment and technology transfer from world leading firms with environmentally friendly high technologies. According to Resolution No. 50/NQ-CP, the Government requested the Ministry of Industry and Trade (MoIT) to work harder to transform the structure of the industrial sector towards higher ratio of processing and supporting industry, with greater attention to spare part and accessory production. The MoIT should collaborate with relevant ministries, sectors and agencies to strengthen State management to prevent avoidance of trade defence measures and origin frauds, while tightening the issuance of certificates of origin. At the same time, strict disciplines should be applied to handle violations in Vietnamese-origin claims. The Government ordered the ministry to increase communications to … [Read more...] about Government asks for measures to restructure industrial sector
Industrials sector
New industrial sectors in Industry 4.0 to become Vietnam’s main growth engines
The Hanoitimes - The Fourth Industrial Revolution would help increase Vietnam’s GDP by US$28.5 billion – 62.1 billion, equivalent to an additional growth of 7 – 16% of GDP by 2030, depending on each scenario. Vietnam fully supports new business models from Industry 4.0: PM Vietnam’s current growth model is giving way to Industry 4.0 Industrial Revolution 4.0 poses big challenge to Vietnam’s labor market Vietnam has to accept new business models in Industry 4.0: Minister New industrial sectors emerging from the Fourth Industrial Revolution would become Vietnam’s main growth engines, while supporting other sectors to generate additional revenues and develop new services, according to Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM). Overview of the conference. Source: Nguyen Tung. “Science and technology are essential for Vietnam’s economic development, especially for a … [Read more...] about New industrial sectors in Industry 4.0 to become Vietnam’s main growth engines
Bright prospects ahead for Vietnam’s industrial sector
According to a report compiled by the Ministry of Industry and Trade, the index of industrial production (IIP) expanded by 9.3 percent in the first 11 months of 2017, much higher than the 7.4-percent growth of the same period in 2016. The manufacturing and processing sector continued to be a leader with high growth in every month of the year. The garment and textile sector maintained moderately good growth in the first 11 months of 2017. Due to the increasing demand in the domestic market in the last months of the year, the sale of electronic products, computers and electrical equipment also grew. Other sectors such as electricity production and distribution; water supply and waste and wastewater treatment also saw high growth in the first 11 months of 2017, contributing to a bright picture for Vietnam’s industry. The Ministry of Industry and Trade attributed the positive results of Vietnam’s industry in 2017 to measures it adopted to promote trade and production … [Read more...] about Bright prospects ahead for Vietnam’s industrial sector
Deputy PM okays plan to restructure industrial sector
Deputy Prime Minister Trinh Dinh Dung has signed a decision approving the restructuring plan for the industrial sector in 2018-2020, with consideration for 2025. Deputy PM okays plan to restructure industrial sector, illustration photo The plan aims to realise Resolution No.24/2016/QH14 on economic reshuffle in 2016-2020 adopted at the second session of the 14th National Assembly. The plan sets the goal to raise the proportion of industry and construction in the gross domestic product (GDP) to 30-35% by 2020. The proportion should be kept above 35 percent in the following years up to 2025. The ratio of manufactured and processed goods in the total export turnover is projected to be between 85-90 percent by 2020 and above 85% in the next five years. Labour in the industry and construction field is expected to account for 25-30 percent of the total workforce. The annual average productivity growth rate in industry will be higher than 5.5% by 2020 and from 6-7% in the period to … [Read more...] about Deputy PM okays plan to restructure industrial sector
Kien Giang to develop sustainable industrial sector
Kien Giang Province is drawing up plans to improve its industrial sector. – Photo thanhnien.vn Kien Giang Province plans to improve the industrial sector by 2030 by making it more sustainable, efficient and environmentally friendly. The province said it would try to integrate more into the country’s industrial production network, as well as focus more on production and export of cement, textiles, garments and leather. Kien Giang also wants to attract more foreign investors and provide financial aid to hi-tech businesses that could contribute to industrial reform. In addition to improving infrastructure, the province will develop its industrial clusters and zones, and small craft villages, as well as conduct research on more environmentally friendly technologies. Smaller regions within the province will focus more on their strengths. For example, Long Xuyen Quadrilateral region will focus on mineral harvesting, construction materials, and agricultural product exports; Tay … [Read more...] about Kien Giang to develop sustainable industrial sector