Workers at a wood product plant of SAHABAK Joint Stock Company, located in northern Bac Kan Province's Thanh Binh Industrial Zone. Over US$1 million will be used to improve the quality of industrial development strategies and policies in Viet Nam. — VNA/VNS Photo Danh Lam

HA NOI (Biz Hub) —  The Ministry of Industry and Trade (MoIT) and the United Nations Industrial Development Organisation (UNIDO) launched a project Friday to support the Vietnamese Government in building industrial strategies.

The project aims to improve the quality of industrial development strategies and policies to increase the local industry's competitiveness, thus contributing to reducing poverty and improving gender equality by generating new production activities and jobs.

The three-year project, with a total investment of nearly US$1.1 million, includes $980,000 from the Republic of Korea's Official Development Fund (ODA) through UNIDO, and a corresponding fund of $100,000 will be covered by Viet Nam .

Speaking at the launch ceremony, the head of the International Co-operation Department under the MOIT, Le Huu Phuc, said the ministry pledged to do its utmost to support the work, adding that Viet Nam would see its industry sector grow thanks to the project.

Viet Nam enjoyed high industrial growth but added values and technology application rates remained low, he said, noting that reasonable and feasible policies would be crucial for the country to develop its industrial sector with higher added values and competiveness.

RoK Consul General to Viet Nam, Park Sang-shik, said his country would share its experience in technological development with Viet Nam and provide full support for the Southeast Asian country to implement the project.

Industrial development report

On the same day, UNIDO released the Industrial Development Report 2016, which focuses on the role of technology and innovation in sustainable industrial development.

The report highlights the urgent need for international co-operation to boost technological changes and attain inclusive and sustainable industrial development.

It underlines the role of technology and innovation in industrialisation and modernisation and affirms the inevitability of industrialisation during development. Additionally, technology is able to foster all three aspects of sustainable development: economy, society and environment.

However, the technological application in developing the economy and solving social problems in Viet Nam is still limited, participants at the launch said. — VNS