The country should learn from growth model changes from extensive to intensive development and focus on stages, said General Director of the Industrial Policy and Research Institute Duong Dinh Giam.
Focusing on specific stages will help avoid stretching investments, he said.
Giam noted that it is important to adjust the model of growth to incorporate suitable industrial space planning, promote foreign investments giving priority to strategic investors, improve the quality of development strategies and plans, and uphold the combined strength of the economic system.
Despite being one of the sectors to have received priority standing in policies, support industries have still failed to meet their targets.
Although last year's targets of branch development with high growth rates of more than 15 percent in the long term in all the three sectors – State-owned, private, and foreign invested – were achieved, added value remains limited and, in some cases, is even reducing, Giam added.
He was also concerned about poor investment efficiency and the country's low technological level as well as the pivotal role economic regions have played.
Unreasonable resource allocations and planning, poor cooperation and coordination, and unsatisfactory development in support industries were of equal concern, he said.
He also stated that reliance on imported materials for production and unsatisfactory strategy planning and implementation were also a problem.
Giam recommended that industrial development strategy in the next few months should take advantage of domestic resources and markets and efficiently participate in the regional and international industrial production network.
It will also be necessary to develop industries and products for high-value exports and for advanced technology, besides creating a platform for agricultural and rural modernisation.
Priorities of industrial development in the next few months should include amending the industrial development model, promoting priority industries, and planning reasonable industrial spaces, Giam remarked.
He noted that to amend the industrial development model, it is necessary to follow a step by step approach by moving from a quantity-based to a quality and efficiency-based development model.
These changes, he added, should be combined with an improvement in the efficiency of the mobilisation of resources and bank branches' competitiveness.
Growth must be parallel with improvements in technology and productivity. The ratio of products with high added value and the quality of the industrial labour force must improve.
Regarding priority industries, efficient tapping of limited resources is also a requirement, Giam stated.
The country should have a variety of offerings to create momentum for the development of priority industries, including processing and manufacturing industries, electronics and telecommunications industries, and new and renewable energy sectors.
Deputy Minister of Industry and Trade Le Duong Quang noted that despite government guidance, the existing mechanism and legislative policies have not been integrated.
Therefore, he said, the ministry will have to seek government approval for the country's industrial development strategy, taking into account the guidance and priorities that govern the existing mechanisms and policy improvements as well as the investment and business environment in key industries.-VNA
Focusing on specific stages will help avoid stretching investments, he said.
Giam noted that it is important to adjust the model of growth to incorporate suitable industrial space planning, promote foreign investments giving priority to strategic investors, improve the quality of development strategies and plans, and uphold the combined strength of the economic system.
Despite being one of the sectors to have received priority standing in policies, support industries have still failed to meet their targets.
Although last year's targets of branch development with high growth rates of more than 15 percent in the long term in all the three sectors – State-owned, private, and foreign invested – were achieved, added value remains limited and, in some cases, is even reducing, Giam added.
He was also concerned about poor investment efficiency and the country's low technological level as well as the pivotal role economic regions have played.
Unreasonable resource allocations and planning, poor cooperation and coordination, and unsatisfactory development in support industries were of equal concern, he said.
He also stated that reliance on imported materials for production and unsatisfactory strategy planning and implementation were also a problem.
Giam recommended that industrial development strategy in the next few months should take advantage of domestic resources and markets and efficiently participate in the regional and international industrial production network.
It will also be necessary to develop industries and products for high-value exports and for advanced technology, besides creating a platform for agricultural and rural modernisation.
Priorities of industrial development in the next few months should include amending the industrial development model, promoting priority industries, and planning reasonable industrial spaces, Giam remarked.
He noted that to amend the industrial development model, it is necessary to follow a step by step approach by moving from a quantity-based to a quality and efficiency-based development model.
These changes, he added, should be combined with an improvement in the efficiency of the mobilisation of resources and bank branches' competitiveness.
Growth must be parallel with improvements in technology and productivity. The ratio of products with high added value and the quality of the industrial labour force must improve.
Regarding priority industries, efficient tapping of limited resources is also a requirement, Giam stated.
The country should have a variety of offerings to create momentum for the development of priority industries, including processing and manufacturing industries, electronics and telecommunications industries, and new and renewable energy sectors.
Deputy Minister of Industry and Trade Le Duong Quang noted that despite government guidance, the existing mechanism and legislative policies have not been integrated.
Therefore, he said, the ministry will have to seek government approval for the country's industrial development strategy, taking into account the guidance and priorities that govern the existing mechanisms and policy improvements as well as the investment and business environment in key industries.-VNA
