The industrial sector has shown signs of recovery in the past year but ashedload of challenges lying ahead need to be addressed to make it apillar of the economy, officials said.
Minister ofTrade and Industry Vu Huy Hoang said with the growth rate risingthroughout the year, from 6.9 percent in October to 7.5 percent inNovember, there are grounds for optimism about the development ofindustrial production in 2015.
Electricityproduction and distribution led the upward trend with an averageincrease of 11.7 percent, followed by the processing and manufacturingareas, which posted a growth of 8.6 percent.
However, Truong Thanh Hoai, deputy head of the Ministry of Trade andIndustry’s Heavy Industry Department, said despite the growth, manyproblems remain.
He noted that industrialproduction is still focusing on assembling and processing without manyproducts with added value, thus limiting locally-made products’competitiveness. Industrial production in general and the supportingindustry in particular have not attracted investment, while thegovernment’s investment has not been enough to create breakthrough inthe sector.
According to Hoai, in the long-term,the industrial sector should shift strongly to products of highly addedvalue with contribution to the economy in order to reduce import surplusand create jobs.
The steel industry is believed tobe a key in reducing import surplus, as the country has to spend 9billion USD on importing approximately 14.5 million tonnes of steel ofall types, according to figures from the Heavy Industry Department.
In addition, experts also said the development of the supportingindustry will not only help reduce imports but also change the overallsituation in the industrial sector. The Government recently issued arange of policies designed to encourage investment in the supportingindustry.-VNA
Minister ofTrade and Industry Vu Huy Hoang said with the growth rate risingthroughout the year, from 6.9 percent in October to 7.5 percent inNovember, there are grounds for optimism about the development ofindustrial production in 2015.
Electricityproduction and distribution led the upward trend with an averageincrease of 11.7 percent, followed by the processing and manufacturingareas, which posted a growth of 8.6 percent.
However, Truong Thanh Hoai, deputy head of the Ministry of Trade andIndustry’s Heavy Industry Department, said despite the growth, manyproblems remain.
He noted that industrialproduction is still focusing on assembling and processing without manyproducts with added value, thus limiting locally-made products’competitiveness. Industrial production in general and the supportingindustry in particular have not attracted investment, while thegovernment’s investment has not been enough to create breakthrough inthe sector.
According to Hoai, in the long-term,the industrial sector should shift strongly to products of highly addedvalue with contribution to the economy in order to reduce import surplusand create jobs.
The steel industry is believed tobe a key in reducing import surplus, as the country has to spend 9billion USD on importing approximately 14.5 million tonnes of steel ofall types, according to figures from the Heavy Industry Department.
In addition, experts also said the development of the supportingindustry will not only help reduce imports but also change the overallsituation in the industrial sector. The Government recently issued arange of policies designed to encourage investment in the supportingindustry.-VNA
