Binh Duong strives to increase local content of products

14:00 | 28/07/2021 Industry

(VEN) - The southeastern province of Binh Duong has been developing support industries and improving the competitiveness of enterprises to add value to its industrial sector and increase the local content of products.

binh duong strives to increase local content of products
Binh Duong prioritizes investment in support industries

Top-five ranking

Binh Duong has become one of Vietnam’s top five support industry leaders (the others are Ho Chi Minh City, Hanoi, Dong Nai and Bac Ninh). Although the provincial support industry capacity has improved significantly, the sector has met only 40-45 percent of the textile, garment and footwear industries’ demand, 10-20 percent of demand for the less-than-9-seat automobile manufacturing and assembling industry, 15 percent of the electronics, information technology and telecommunications industry’s demand, and five percent of the demand of electronics-for-special-use and high-tech electronics sectors.

According to Binh Duong Province Department of Industry and Trade’s data, the province is home to about 2,300 support industry enterprises, forming production links between domestic businesses and foreign direct investment (FDI) companies. In recent years, Binh Duong has prioritized development of materials and accessories serving the textile and garment, mechanical engineering and electrical and electronic industries.

The province has built a 1,000-hectare industrial park in Bau Bang District to attract capital, especially foreign investment, in support industries.

Development acceleration

According to the Binh Duong Province Department of Industry and Trade, the Covid-19 pandemic has been affecting all fields and industries, especially the manufacturing sector that depends on imported materials. The department is promoting support industry restructuring to improve industrial production capacity and increase the local content of products, minimize dependence on imported materials, and add value to exports.

In the 2021-2025 period, Binh Duong will continue to help support industry enterprises become suppliers of domestic and foreign customers, attract foreign investment in support industries, assist enterprises to apply international standard management systems, and improve the quality of human resources.

The province will continue to prioritize the development of high value-added industries and increase the local content of products, create a favorable investment environment, form industrial zones for production of spare parts, components and auxiliary materials for industries, help small and medium sized enterprises participate in support industry production and supply of components, spare parts and raw materials.

In the 2021-2025 period, Binh Duong will prioritize investment in support industries serving textile and garment, leather and footwear, as well as high value added, high-technology and less labor-intensive industries, and wood processing, healthcare, pharmaceutical and service industries.

Lan Anh