09:05 | 11/12/2018 Local Industry
(VEN) - The northeastern province of Cao Bang is improving its investment and business environment and accelerating administrative reform to facilitate the development of support industries.
The provincial people’s committee has formulated a support industry development program until 2025, aiming to promote the manufacturing of products catering for industrial production, looking towards exporting these products and integrating them into value chains.
The program has contributed to the growth of Cao Bang’s industrial production value. In the first 10 months of 2018, the provincial industrial production value reached an estimated VND3.86 trillion, equivalent to 79.9 percent of the annual plan. Construction material production, printing, agricultural, forest product and food processing, hydropower generation and mineral processing facilities have contributed to reducing the province’s trade deficit.
However, most industrial production facilities in Cao Bang still operate as outsourcing service providers and focus on preliminary processing, thus creating low added value and limited competitiveness. The province is concentrating on promoting support industries.
From now to 2020, Cao Bang will intensify the attraction of domestic and foreign investment in support industries for sectors and fields using high technology, such as extractive industries, metallurgy, manufacturing engineering, wood processing and packaging. The province will set up high-quality auto repair service centers and encourage investment in the manufacture of auto, motorcycle, electrical and electronic components, spare parts and accessories.
Departments and sectors have coordinated to provide consultancy for the provincial people’s committee to promote investment in support industry projects, as well as to access domestic and external sources of funds for support industry development.
The province will support research and development activities, as well as the application of new technologies in industrial production. Businesses are encouraged to invest in manufacturing support industry products.
Cao Bang is making great efforts to improve the business and investment environment, while at the same time accelerating administrative reform to create favorable conditions for businesses to expand production. The list of projects calling for investment will be updated according to the province’s socioeconomic development plan for each period.
Cao Bang Province expects its support industries to grow 45 percent in the period from 2021-2025 and meet 20
percent of the demand of industrial production facilities for machinery, components, machinery details and materials.