Electronics and telecommunications, industrial processing and manufacturing and new energy development are highlighted in the master plan of Vietnam's industrial development to 2025 with a vision to 2030, the Vietnam Economic News reported.

Minister of Industry and Trade Vu Huy Hoang said that for the first time, Vietnam has framed up a strategy and master plan of industrial development with specific orientations and directions, approved by the Prime Minister, to help the industry and trade sector to complete its assigned tasks and contribute to the industrialisation and modernisation of the country.

Under the master plan, the projected growth rate of industrial production value is expected to reach between 12.5 and 13 percent per year by 2020 and between 11.0 and 12 percent per year from 2021 to 2030. The industry and construction’s shares of the GDP are estimated to account for 42-43 percent by 2020 and for 43-45 percent by 2030.

By 2020, the proportion of industrial products and hi-tech products will reach 45 percent of GDP and by 2030, the proportion will reach 90-92 percent and above 50 percent, respectively.

Vietnam's industrial development will get along with modern technology, reasonable structure, competitive edge and global value chain participation.

By 2030, Vietnam's industrial sector will be developed with more advanced technology, international standardised quality, and in-depth involvement in the global value chain.

The master plan of industrial development has proposed 7 solutions in capital, technology, human resources, market and product development, supporting industry, inter-regional cooperation and coordination for development, industrial promotion, and supports for the development of small and medium enterprises.

It is expected that 70-75 percent of funding for implementation of master plan will be contributed from the businesses (attracting FDI of approximately 33-34 percent) while the state budget will finance approximately 3-4 percent of total funding, mainly on infrastructure, human resource development, research, and scientific and technological innovation.

Apart from three industries selected for development priorities, others are of the supporting industry category, electronics and computer science, engineering and metallurgy, textiles, leather shoes and the industries to meet the domestic demand and increase exports.

One of the important issues is to encourage local business development, foreign investment as well as promote sustainable development of the non-state sectors.

In addition, there will be focus on developing small and medium enterprises. The human resource issue is vital to determine the success of industrialisation, modernisation and development of industry which meets both environment and green technology requirements after 2020. At the same time, the development of large-scale raw material supply for the processing industry will be also put on priority.

The master plan also said it will focus on developing the midlands and northern mountains, Red River Delta, Central Coast, the Central Highlands, Southeast and Mekong River Delta.-VNA