Vinh Phuc's advantages to increase added value

10:00 | 10/07/2022 Industry

(VEN) - The northern province of Vinh Phuc will invest nearly VND100 billion from 2022 to 2025 to realize the goals set by the provincial Supporting Industry Development Program.

Increasing added value

According to Decision 3663/QD-UBND of the Vinh Phuc People's Committee, the development of support industries will prioritize small and medium-sized enterprises and mobilize economic sectors to participate in the program, focusing on non-state economic sectors.

The program will promote the comparative advantages of Vinh Phuc Province and exploit opportunities to improve competitiveness, meet requirements of manufacturers at home and abroad on finished products, and gradually participate in the global value chain. The goal is for the province’s supporting industry to provide products with high value content for the production lines of large domestic and international corporations and enterprises by 2025, with a view to also boosting exports.

vinh phucs advantages to increase added value

Vinh Phuc’s support industry enterprises take good advantages of state policies to develop

Accordingly, by the end of 2025, Vinh Phuc aims to have more than 50 eligible level 1 and level 2 suppliers for manufacturers of automobile and motorcycle products, electrical and electronic finished equipment; 10 domestic enterprises which can participate in the value chain of large economic groups; and a network of domestic and foreign consultants to upgrade and modernize enterprises.

Improved investment environment

Over the past years, the province has issued many policies to facilitate support industry development, such as Decision 23/2019/QD-UBND to finance investment promotion seminars and trade fairs for supporting industries, as well as training to improve the quality of human resources and meet the requirements of supporting industry manufacturers.

The province currently has 240 enterprises operating in, or related to supporting industries, mainly in major industrial sectors such as the mechanical industry, automobiles and motorcycles, textiles, electronics, informatics and building materials. Many businesses have made use of state mechanisms and policies to expand production scale and consumption market, upgrade production lines, innovate models, and improve product quality. They have thereby not only created jobs for hundreds of thousands of workers and increased state budget revenues, but also contributed to boosting the development of major local industries, and increasing the attractiveness of the province’s investment environment.

Vinh Phuc Province’s Supporting Industry Development Program from 2022 to 2025 has a total budget of

VND94.723 billion, of which approximately VND66.103 billion is allocated by the state budget and VND28.62

billion from other sources.

Nguyen Duyen