Chemical sector restructuring to boost exports

Illustrative image (Photo cafef.vn)

The chemical industry was under an overhaul with an aim to boost exports of high value products.

The Ministry of Industry and Trade recently approved the restructuring plan for the chemical industry for the country's industrialisation, modernisation and sustainable development by 2020, with a vision for 2030.

One of the prime goals was to enhance the quality and diversify the tyre and tube product categories to firstly meet domestic demand and then boost exports of products of high value products such as radial tyres, special car tyres, and tube-less motorcycle tyres.

Vietnam currently has an estimated 830 firms involved in tyre products, including 30 manufacturers, 170 exporters and 460 importers.

The rubber industry was currently led by three giants, Sao Vang, Da Nang and the Southern Rubber Company, all of whom are under the Vietnam National Chemical Group.

Under the approved planning of the chemical industry, other sectors to be restructured include fertiliser, crop protection chemicals, petrochemicals, and the pharmaceutical chemistry, in addition to basic chemicals, chemical power, and industrial gas. Industries producing detergent wash and ink would also be restructured.

The Ministry of Industry and Trade would implement measures such as renovating policies, simplifying administrative procedures and raising incentives to attract investments in high-tech projects and gradually eliminate outdated technologies.-VNA