The Ministry of Planning and Investment (MPI) said it has advised the Government to implement a number of policies to support Viet Nam''s industrial sector, especially the support industry.
Viet Nam’s industrial sector in the first quarter is projected to grow 2.68 per cent compared to the same period last year if the novel coronavirus (COVID-19) outbreak is brought under control, according to the General Statistics Office (GSO).
Viet Nam’s GDP growth would reach 6.8 per cent from the 7.02 per cent posted in 2019, mainly due to a slowdown in the industrial sector, analysts from Fitch Solutions forecast.
In spite of strong growth over the last decade, Viet Nam’s industrial sector must start investing in R&D, finding ways to improve manufacturing efficiency and transforming into one capable of producing high-value-added products.
A conference was held in HCM City on September 12 to discuss the growing opportunities for the city’s industrial sector, especially supporting industries.
The industrial sector must provide motivation for economic growth, creating breakthroughs in improving productivity, quality, competitiveness and domestic added value of industrial products.
The middle income trap is closely tied to economic growth, so if growth doesn’t stay high and for decades and there is not high income per capita, the nation will fall into the middle income trap
The country’s industrial sector posted high growth of 9.28 per cent in the first half of the year, surpassing the rates of 7.01 per cent and 5.42 per cent reached during the same periods in 2016 and 2017.
The country’s growth rate of industrial sector tends to be slow down in recent year though the industrial production value rose by 3.5 times in the past decade.
The Ministry of Industry and Trade has mapped out next year’s development plan for the industrial sector and forecast an 8 per cent rise in industrial production, against this year.
Prime Minister Nguyen Tan Dung has approved the portfolio of a project
funded by a United Nations body on development policies and strategies
for the industrial sector through capacity building.