Hanoi targets major industrial projects

09:02 | 06/06/2019 Local Industry

(VEN) - Hanoi has set a target of reaching an industrial added value growth of 8.6-8.8 percent and developing industrial parks in 2019.

hanoi targets major industrial projects
Accelerating establishment and infrastructure development of industrial parks

Speeding up IZ development

According to the Hanoi Department of Industry and Trade, the city’s index of industrial production (IIP) in the first quarter of 2019 increased 6.9 percent over the same period last year. The processing and manufacturing industry grew 6.9 percent; electricity, gas and hot water production and distribution soared 7.8 percent; water supply, waste and wastewater management and treatment increased 7.9 percent; and the mining industry decreased 5.4 percent.

Le Hong Thang, Director of the Hanoi Department of Industry and Trade said Hanoi has set a target of reaching an industrial added value growth of 8.6-8.8 percent in 2019. The department has introduced solutions to reach the target, including strengthening the attraction of investment projects to the Hoa Lac Hi-Tech Park, and speeding up industrial park establishment and infrastructure development. The capital city has targeted the establishment of 30-35 industrial parks with a total investment capital of about VND12 trillion as of late 2019, including 5-10 zones with infrastructure ready to serve investors.

Hanoi will continue to restructure the industrial sector, intensify industrial production development, promote technological innovation and improvement of production processes, develop new, potential industries, gradually create competitive products, and participate more deeply in the global value chain.

Competitiveness improvement

Recently, the Hanoi People’s Committee issued a plan for developing prioritized industries and major industrial products.

In implementing the plan, the city has directed relevant authorities and sectors to develop programs and solutions to improve the capability of enterprises with major industrial products. The city will continue to improve its investment environment, and pave the way for businesses to access preferential credit sources through the Development Investment Fund. The fund will be used to attract large-scale, high-value-added projects that use modern and environmentally friendly technologies.

In 2018, 61 key industrial products accounted for 35.2 and 7.7 percent of the city’s total industrial production value

and gross domestic product (GDP), respectively, and yielded export value of more than VND10 trillion.

Thanh Ha