Hanoi sees industrial clusters as new driver for industrial production

Illustrative image (Source: VNA)

Hanoi (VNA) – Hanoi will focus on developing industrial clusters as a measure to stimulate industrial production, as most local industrial parks have been filled, resulting in a growth slowdown in the industrial sector, said Vice Chairman of the municipal People’s Committee Nguyen Doan Toan.

Speaking at a conference of the city’s industry and trade department on January 4, Toan said production households will be moved to industrial clusters where there are better infrastructure facilities for them. However, he requested that the Ministry of Industry and Trade issue more specific guidance on the selection of investors to build such clusters.

Toan also emphasised the need to select capable investors for the construction of industrial clusters.

The Hanoi Industry and Trade Department reported that the city’s industrial production index grew by 7.5 percent, equivalent to over 119.7 trillion VND in 2018. Total revenues from retails and services reached 509 trillion VND, up 8.9 percent.

Earnings from exports last year rose by 21.6 percent to 14.2 billion USD. The city’s consumer price index increased by 4.22 percent last year, with increases mainly seen in transport, housing and construction materials, medicine and medical services, and food.

Among targets set for 2019, the city’s industrial production value is set to rose by 8.6-8.8 percent, export revenues by 7.5 – 8 percent, and retails and services by 9 – 10 percent.-VNA