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VN targets 2020 industrial nation status

Update: December, 11/2014 - 08:56
Bus assembling at the 1-5 Automobile Manufacturing Factory in Ha Noi City's Dong Anh District. The industry and trade sector will be restructuring its organisation and operations to ensure national socio-economic development, according to Decision No 2146/QD-TTg. — VNA/VNS Photo Anh Ton
HA NOI (VNS)  — The industry and trade sector will be restructuring its organisation and operations in line with strategies to ensure national socio-economic development.

Prime Minister Nguyen Tan Dung issued Decision 2146/QD-TTg this month, which approved the restructuring plan of the industry and trade sector. This plan will target the industrialisation, modernisation and sustainable development of the sector by 2020 and toward 2030.

The plan's general objectives are to promote a change of structure in the local economy and increase the quality of its growth, productivity and competitiveness.

The scheme will also encourage researching ways to renovate the operational model and organisation of the sector, as well as build a state management model to efficiently meet the energy demand. All these designs aim to contribute to the country's socio-economic development.

Meanwhile, specific targets include industrial development with reasonable structures based on the needs of the various sectors and regions of the country. In addition, the schemes endeavour to further improve the industrial production system of the region and the world to attain the goal of becoming an industrial country by 2020.

The industry and trade sector will develop industrial fields by efficiently mobilising all resources from economic segments. It will focus on industrial fields and products, which are regarded as the foundation of agricultural and rural modernisation, as well as promote industrial fields and products with high values and export rates. The sector will strive to connect production with the development of industrial services as well.

Additionally, the sector will focus on further developing the national market and fostering sustainable growth for local commerce. It will also actively integrate global trade into the domestic market.

Under the plan, the restructuring will serve the demands of various fields, including industry, energy, commerce and international economic integration.

With respect to the commerce field, the Ministry of Industry and Trade will continue implementing export market diversification.

The ministry will also consolidate and expand traditional export markets (Russia and Eastern European countries), as well as open other potential markets (India and other Southern Asian, African, Middle Eastern and South American countries).

It will continue promoting exports to strategic markets including the United States, Japan, China, and Australia, as well as the EU and the ASEAN.

In addition, the ministry will focus on trade promotion programmes to seek new export markets for the local farming and fruit and vegetable products.

The ministry will also take advantage of the free trade agreements providing lower tariff rates to promote exports and will employ efficient methods for future export activities.

Viet Nam will continue the diversification of import markets, especially for production materials, to avoid reliance on any single market. It will also be persistent in inspecting the quality of imported products, as well as utilising technical barriers to limit imports. — VNS

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