Mechanical engineering sector to join global value chain
The sector should work thriftly and efficiently as well as build a professional and disciplined workforce, per the strategy.
Exports are expected to account for 35% of total production by 2020 and the proportion will increase to 40% by 2030 and 45% by 2035.
Under the strategy, focus will be given to developing automobile engineering, agricultural machines, industrial products and electronic appliances, while engineering support companies will be established to provide supplies for production units and to join the global value chain.
Relevant authorities must complete mechanisms to support the mechanical engineering sector like giving preferential taxes and simplifying investment procedures. The policies must aid the support industry and production value chain participation as well as increase domestic production.
The PM ordered the development of basic materials and advanced technologies for the sector.
Attracting powerful multi-national corporations to invest in the country’s big engineering projects should be paid attention as well. Investment promotion should be prioritised for small and medium enterprises, especially those in the support industry.
The State will help enterprises purchase designs and technologies, and renovate production facilities to improve products’ quality and competitiveness.
Related News
HCM City seeks to promote export of mechanical products
15:06 | 07/06/2023 Import-Export
Increased demand for imported machinery
17:30 | 11/04/2023 Import-Export
FDI inflow from RoK helps Vietnam move up global value chain ladder
16:07 | 18/10/2022 Import-Export
FDI lifts Vietnam up global value chain
19:20 | 16/06/2022 Import-Export
Latest News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
More News
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Garment & textile sector tries to keep growth momentum
14:16 | 16/04/2024 Import-Export
Your care
Wood exports started well
13:26 | 20/04/2024 Import-Export
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export