Illustrative image (Source: chinhphu.vn) Hanoi (VNA) – Vietnam’s industry is expected to contribute 40 percent to the country’s gross domestic product (GDP) by 2030, according to a newly issued resolution. Under Resolution 23-NQ/TW to develop the national industry until 2030, with a vision to 2045, issued recently by the Politburo, the processing and manufacturing industry will make up some 30 percent. The value of high-tech processing and manufacturing products is targeted to reach at least 45 percent, while industrial labour productivity will increase by 7.5 percent on average annually. The industrial growth rate will average over 8.5 percent, of which the processing and manufacturing industry will see a rise of 10 percent yearly. The resolution also sets the country’s competitive industrial performance index among the top three countries in the ASEAN, while the percentage of workers in the industrial and service sectors is over 70 percent. Under … [Read more...] about Industry expected to contribute 40 percent to GDP by 2030
Industry
HCM City’s index of industrial production rises 6.05 percent
The index of industrial production (IIP) in Ho Chi Minh City picked up 6.05 percent year-on-year in the first quarter of this year. (Photo: VNA) HCM City (VNA) – The index of industrial production (IIP) in Ho Chi Minh City picked up 6.05 percent year-on-year in the first quarter of this year. The figure in March rose 42.1 percent against the previous month and 7.07 percent against the same time last year. Director of the municipal Department of Industry and Trade Pham Thanh Kien attributed the IIP growth to the city’s programmes and policies to support the development of local industry and support industry. Output of the four key industrial sectors: manufacturing, electronics, chemicals-rubber-plastic and food processing experienced a year-on-year growth of 6.79 percent thanks to market expansion, renovation of equipment as well as improvement in the products’ quality and competitive capacity. Particularly, significant hike was seen in the electronics - … [Read more...] about HCM City’s index of industrial production rises 6.05 percent
National industrial production index hits 11.6 percent
Vietnam’s index of industrial production (IIP) in the first quarter of this year gained the highest year-on-year growth rate of 11.6 percent in the past three years. (Photo: VNA) Hanoi (VNA) - Vietnam’s index of industrial production (IIP) in the first quarter of this year gained the highest year-on-year growth rate of 11.6 percent in the past three years. This was reported by the General Statistics Office (GSO). The index saw a year-on-year growth rate of 9.3 percent in the first quarter of 2015, 8.2 percent in the first quarter of 2016 and 5.1 percent in the first quarter of 2017. At a press conference on March 29 reporting the country’s socio-economic performance in the first quarter, GSO director Nguyen Bich Lam said the high growth of the industry contributed to maintaining the domestic economic development since the previous year. The manufacturing and processing sector, accounting for 90 percent of the industrial value, saw the strongest IIP growth at 13.6 … [Read more...] about National industrial production index hits 11.6 percent
$1.2 billion spent on infrastructure in coastal economic, industrial zones
The program has five parts including investment in coastal economic infrastructure, in border economic zones, in industrial parks and groups of industrial parks, spending in high-tech sections; and in high-tech adopted farms. The program costs over VND20,982 billion ($1.2 billion). Of which, more than VND16,676 billion is taken from the state budget and local state budget and other legal sources are estimated over VND 4,215 billion. Noticeably, the program strives to build from 200 kilometer to 250 kilometer roads, wastewater treatment construction, technique infrastructure and resettlement areas by 2020 in 16 coastal economic zones mostly in eight major zones.By PHAN THAO - Translated by UYEN PHUONG Tags: $1.2 billion infrastructure coastal economic industrial zone … [Read more...] about $1.2 billion spent on infrastructure in coastal economic, industrial zones
Solar industry shining bright
Six years after announcing it was leaving Vietnam and then unsuccessfully tried to sell all the assets and facilities at its Ho Chi Minh City-based solar equipment manufacturing project, First Solar last year suddenly declared it planned to return to the country and the city. It set about recruiting large numbers of human resources in mid-January and then held a ceremony to take delivery of the initial equipment needed for producing its latest, high-tech Series 6 photovoltaic (PV) modules in the city’s Dong Nam Industrial Park, where it first operated. Old stamping ground First Solar was initially licensed in early 2011 to invest in a PV module manufacturing project with total investment of $1.2 billion at Dong Nam. Just a few months after getting the project underway, however, it then announced it was suspending operations due to an imbalance between global supply and demand for solar panels. It authorized Cushman & Wakefield to sell all of its facilities in … [Read more...] about Solar industry shining bright