Ministry projects added industrial value growth of more than 8.5% annually
|A draft plan on the restructuring of the industry and trade sector targets average annual growth of over 8.5% in added industrial value - Illustrative image. (Source: Kinh te & Do thi)|
Processing and manufacturing sectors will account for roughly 30% of GDP by 2030.
The draft for 2030 was recently submitted to the Government by the Ministry of Industry and Trade.
It aims to harmoniously develop industry while fully optimising achievements of the Fourth Industrial Revolution and trade advantages to make a breakthrough in improving productivity and product quality, competitiveness, and added value.
Industrial productivity and the index of industrial production are also targeted to grow 7.5% and 8.5 - 9% per annum on average, respectively. The value of hi-tech industrial products is hoped to make up over 45% of processing and manufacturing industries.
To achieve those targets, the draft plan said focus will be put on perfecting the domestic industrial production system via the upgrade and development of supply and value chains in industries. Industry supply chains are to be localised in Vietnam to reduce dependence on the import of machinery, equipment, and materials. This should enhance Vietnamese product competitiveness and business position in global value chains.
Particularly, green practices in industries will be promoted to ensure efficient use of natural resources and energy. The country will shift from natural resource-based and labour intensive industries to capital and technology intensive, green, and low-carbon ones while moving to stages with higher added value in global and regional value chains.
Support industries will be facilitated to serve major export sectors like electronics, automobile, textile - garment, leather - footwear, mechanics, and high technology, the draft plan noted. With the restructure, support industries will meet 70% of domestic production demand.
Connectivity between domestic suppliers and multinationals investing in Vietnam will also be strengthened to improve Vietnamese firms’ participation in domestic and global manufacturing networks. It is expected that about 2,000 businesses will have been capable of directly supplying assembly companies and multinationals by 2030, according to the draft plan.