Deputy PM asks for stepping up industrialisation strategy

Deputy Prime Minister Trinh Dinh Dung at the event

During a meeting of the steering committee for the strategy in Hanoi, Deputy PM Dung, who is also its head, lauded achievements over the past seven years, saying that six prioritised sectors under the strategy, including agro-fisheries processing, electronics, automobiles and spare parts, environment industry and energy saving, shipbuilding, and farming machinery, have made important contributions to Vietnam’s economy and industry in particular.

He said it has created a driving force for the support industry and made it easier for Vietnamese firms to join the global value chain. However, he also admitted that breakthrough has yet to be made in automobile manufacturing, shipbuilding and electronics, with low productivity and competitiveness.

Dung said it is a result of the lack of resource mobilisation policy and limited workforce quality.

He took the occasion to urge ministries and agencies to attract further involvement of Japanese agencies and businesses in the effort.

The ministries of industry and trade, agriculture and rural development, information and communications, and transport were assigned to review the action plan to realise the strategy.

The Ministry of Planning and Investment was asked to work with ministries and agencies concerned to draw and improve the efficiency of investment in Vietnam, especially Japanese investment in prioritised sectors.

The Finance Ministry will build a preferential taxation policy and allocate budget for the effort.

The strategy was built under the auspices of the Japanese Embassy in Vietnam, the Japanese Ministry of Economy, Trade and Industry, the Japan International Cooperation Agency, and other Japanese agencies with consultation from scientists and businesses.

Its aim is to promote technological adoption, enhance labour output and global competitiveness, and turn out high added-value products for domestic and foreign consumption.

According to a report, foreign direct investment in the six prioritised sectors accounted for 27 percent of the total registered capital in Vietnam from 2013 to March 2019, with a focus on electronics, automobiles and energy saving.