Mechanical engineering sector to join global value chain

The Vietnamese engineering sector aims to engage deeper in global value chain and specialised industries that use advanced technologies to make quality products under a strategy to develop the sector by 2025 with vision toward 2035 recently approved by the Prime Minister
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.

Source: VNA

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