Ha Tinh diversifies sources of industry promotion capital

09:35 | 08/03/2019 Local Industry

(VEN) - The Ha Tinh Province People’s Committee has prepared long-term industry promotion plans, including plans for mobilizing capital from businesses and organizations to diversify industry promotion resources in the province.

ha tinh diversifies sources of industry promotion capital

Ha Tinh Province spends most of its industry promotion funding on the province’s potentially strong industries

From 2014-2018, the north-central province received more than VND15.5 billion for its industry promotion programs, which helped attract reciprocal capital of VND141.6 billion from program beneficiaries.

Using the above-mentioned funding, the province’s Industry Promotion Center spent more than VND685 million to finance management training courses for owners of rural industrial production establishments, over VND264 million to fund product branding, and VND729 million to finance the development of rural industrial products.

Over the past five years, the center implemented eight projects for technical demonstration model construction at a total cost of more than VND2.26 billion, attracting over VND108 billion in reciprocal capital from rural industrial establishments and creating jobs for 250 people. The center also implemented 47 projects for application of modern machinery and equipment to production at a total cost of VND6.8 billion, and five cleaner production assessment projects worth VND500 million.

However, according to a representative of the Ha Tinh Province People’s Committee, although it has improved in recent years, the industrial promotion funding for the province remains much smaller than enterprises’ investment demand and therefore industry promotion projects remain less attractive for enterprises. Most enterprises, which are small or super small, choose to import used equipment or devices instead of brand new equipment due to their weak financial capability, he said.

The Ha Tinh Province People’s Committee will look for long-term solutions to mobilize capital for industry promotion. The province will make use of the annual national industry promotion capital, the human resources development program for small to medium-sized enterprises, and financial assistance for industrial park infrastructure construction. The province will also integrate national target programs, provincial socioeconomic development programs and sources of capital for industry promotion programs.

People’s committees at all levels and relevant authorities will prepare or supplement industry promotion plans, integrate those plans with provincial industry promotion programs, and supervise and manage industry promotion activities by organizations at lower levels. Authorities at different levels will create conditions for enterprises to implement production and do business according to law and access workspace and capital assistance.

In 2019 and 2020, Ha Tinh is expected to allocate VND17.5 billion for industry promotion and will propose that the

national industry promotion program provide assistance worth VND8.6 billion for technical infrastructure development

in an industrial park.

Bui Viet