09:16 | 20/06/2017 Industry
(VEN) - Thai Nguyen Province has lots of advantages for industrial development and is one of the country’s leading magnets for foreign direct investment (FDI). In particular, the province has adopted many mechanisms and policies to prioritize, encourage and promote the development of support industries.
Thai Nguyen Province has 209 support industry businesses, 30 of which are foreign-invested firms manufacturing electronic components, followed by manufacturers of steel pipes and automotive parts. The province also has more than 1,000 individual households involved in the production of support industry products.
One of the factors contributing to promoting the development of support industries in Thai Nguyen Province is the abundant labor force. The number of trained workers has accounted for over 90 percent of the total and partly met production requirements.
The northern province’s support industry products can meet the demand for a variety of industries, including diesel engines, gearboxes, motorcycle parts and construction products.
Despite the positive trend in support industry development, many difficulties and limitations remain, such as small-scale facilities, weak efficiency and low competitiveness. Moreover, Thai Nguyen Province is not attracting investment in support industries for electronics, garments and textiles.
To overcome these limitations, Thai Nguyen Province is developing the processing industry and producing products from precast metal associated with developing assembly industries. It also encourages and creates favorable conditions for all economic sectors to participate in developing the engineering industry.
The province seeks to promote the development of support industries that produce engineering products and electronic components to serve other sectors, such as machinery and equipment for agricultural product and foodstuff processing, the chemical industry, the garment and textile sector. This is in order to diversify support industry products and meet manufacturing requirements.
The province also needs changes in mechanisms and policies for scientific and technological development, as well as support from developed countries to train human resources for support industries. Specifically, the province seeks to encourage FDI businesses to participate in the training of human resources serving investment projects to produce support industry products.
Thai Nguyen Province strives to achieve industrial production value for support industries of around VND193.14 trillion by
2020, with an annual average growth of 23.7 percent or more, accounting for 26.1 percent of the province’s total industrial