The Ministry of Industry and Trade on July 7 announced a master plan for the development of Vietnam’s industry until 2020 with a vision towards 2030, aiming to meet domestic demand and raise the sector’s competitiveness in the global market.

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Under the Prime Minister-approved plan, Vietnam will focus on developing the processing and manufacturing industries such as those relating to mechanics – metalwork, chemicals, electronics – information technology, textile and garments – footwear, and agro-forestry-fishery production.

Priorities will also be given to the support industries to enhance Vietnam’s involvement in the global production chain.

The plan says the Government will facilitate private companies, small- and medium-sized enterprises, as well as investment from other countries and the non-State economic sectors.

Vietnam aims for an annual industrial production growth rate of 12 percent from 2020 to 2030.

Meanwhile, industry and construction are expected to make up 42 – 43 percent of the country’s gross domestic product by 2020 and 43 – 45 percent by 2030, it adds.

Minister Vu Huy Hoang said developing human resources and complying with environmental regulations are decisive factors to the success of Vietnam’s industrialisation and modernisation.

Source: VNA