Support policies will help the supporting industry increase the localisation rate. Photo congnghieptieudung.vn

HCM CITY — Thanks to the government's support and incentive policies, HCM City's industrial production index in the first ten months of 2024 increased sharply compared to the same period last year, according to the city's Department of Industry and Trade.

Specifically, the production index of four key industries including machines, electronics - information technology, pharmaceuticals - rubber and plastic, and food processing increased by 4.7 per cent over the same period a year ago.

Wood processing and production of products from wood, bamboo and rattan surged by 35.6 per cent; production of rubber and plastic products increased by 30 per cent; production of electronic products, computers and optical products rose by 22.5 per cent; production of chemicals and chemical products 17.7 per cent; production of beds, wardrobes, tables and chairs 16 per cent and production of products from other non-metallic minerals 15.7 per cent.

In addition, the consumption index of processing and manufacturing industries increased by 9.8 per cent over the same period a year ago.

Nguyễn Thị Kim Ngọc, deputy director of the city Department of Industry and Trade, said that the city has promoted a number of support policy mechanisms and enhanced competitiveness of key industries to support industries and logistics.

Many supporting industrial sectors are prioritised for interest rate support loans, including the mechanical automation industry; rubber, plastics, pharmaceuticals; food processing industry; electronics and information technology industry; and the textile and footwear industry.

The industrial production sector has always been a focus of the Department of Industry and Trade in terms of both policy mechanisms and solutions for effective development in line with the reality of the business community, she added.

The city has directed relevant agencies in disseminating policy mechanisms so that businesses can access the diverse capital resources of the city.

Deputy Chairman of the HCM City People's Committee Võ Văn Hoan emphasised that, in addition to the policy mechanism to create a favourable investment and production environment for the business community, the city has also been organising seminars and forums to share knowledge about the latest trends in the industry. These are essential preparations for Việt Nam and HCM City to not only become an attractive destination for investors, but also to raise their position on the regional and international industrial map.

However, although the city's supporting industry has made positive progress in recent years, the localisation rate has not met expectations. Meanwhile, the demand of multinational corporations for domestic supply sources is increasing, requiring both local authorities and enterprises to accelerate the improvement of capacity and technology.

As the economic, industrial, commercial and investment centre of the country, the city is striving to create a favourable investment and business environment to promote the development of key industries.

The New Extended Producer Responsibility (EPR) regulation is expected to create a change in the process of promoting the circular economy. — Photo thoibaotaichinhvietnam.vn

VCCI Deputy General Secretary and head of the chamber's Legal Department Đậu Anh Tuấn said that for rapidly developing fields that have a great impact on the economy such as green transformation, digital transformation and digital technology industry, legal regulations and policy mechanisms are also being urgently developed by ministries and sectors.

For example, the draft law on digital technology industry has regulations on products applying artificial intelligence (AI); regulations on testing mechanisms for digital technology products and services, and regulations on promoting the semiconductor microchip industry.

In addition, the Government also enacted the Extended Producer Responsibility (EPR) regulation this year, which is a new policy approach to deal with waste, promote recycling and help the Government achieve its environmental goals. It is expected to ensure the circulation of input resources in the production process and help achieve the goal of zero emissions.

This is the first year of EPR implementation in Việt Nam, and it is expected to create a change in the process of promoting the circular economy. — VNS