Business

Southeastern localities develop support industries to modernise economy

Local authorities in the southeastern region are making plans to promote the development of support industries for industrial production, which play a crucial role in the economic restructuring towards industrialisation and modernisation.

Manufacturing electronic components (Photo: VNA)
Manufacturing electronic components (Photo: VNA)

HCM City (VNA) – Local authorities in the southeastern region are making plans to promote the development of support industries for industrial production, which play a crucial role in the economic restructuring towards industrialisation and modernisation.

According to the Department of Industry and Trade of Ba Ria - Vung Tau Province, support industries accounts for about 50% of the total industrial production value, equivalent to 150 trillion VND (nearly 6.1 billion USD).

The locality aims to focus on in-depth industrial development from 2021 to 2025, aspiring to become a model locality for industrial development combined with environmental protection, with developing the support industries as a key task.

In Ho Chi Minh City, industrial production plays a central role and makes significant contributions to the city's economic development, accounting for nearly 20% of the city’s gross regional domestic product (GRDP).

Support industries are crucial for shifting the economic structure towards modernisation, helping increase labour productivity, competitive capacity, and added value, and the contribution of the processing and manufacturing industries to the whole sector.

According to Vice Chairman of the municipal People's Committee Vo Van Hoan, over recent years, the city has created favourable conditions for industrial enterprises to connect with multinational corporations for technology transfer and production management experience. The aim is to gradually modernise domestic production, join global supply chains, and accompany businesses in their technology innovation and production expansion.

The municipal Department of Industry and Trade was tasked with coordinating with the Ho Chi Minh City Industrial and Export Processing Zones Management Board (HEPZA) and the Management Board of Saigon Hi-Tech Park (SHTP) to annually organise the Sourcing Fair of Supporting Industries. This initiative aims to further improve the effectiveness of connection activities between Vietnamese support industry enterprises with foreign direct investment companies, and end-product manufacturing enterprises.

Developing a healthy support industry sector helps domestic manufacturing enterprises, especially small- and medium-sized enterprises, seize market opportunities, access, and gradually participate in global supply chains.

Ba Ria - Vung Tau authorities want to attract investment in developing support industry projects, and improve support capabilities and human resources to strengthen linkages between the foreign-invested sector and local enterprises in developing supply chains.

Meanwhile, under the Supporting Industry Development Programme for the 2024-2025 period, HCM City will focus on assisting support industry enterprises in investing, developing, and expanding markets, as well as connecting supply - demand for production./.

VNA
#support industries #southeastern region #industrial development #industrialisation and modernisation
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