Diversification needed in investment resources

07:00 | 24/02/2023 Industry Follow Ven.vn on

(VEN) - According to the Ministry of Industry and Trade’s Agency of Regional Industry and Trade (ARIT), a national industry promotion program worth about VND140 billion approved for 2022 has been implemented on schedule.

Diversification needed in investment resources

The industry and trade promotion center of Nghe An Province and Nghe An Packaging Joint Stock Company (NAPCO) test the company’s polyethylene-coated polypropylene packaging production technology renovation project

National industry promotion projects are mainly focused on areas with great production and export potential, while priority is given to vital, long-term projects that not only benefit businesses but also energize related industries.

In 2022, the northern province of Tuyen Quang, a major beneficiary of the national industry promotion program, implemented six projects, helping seven businesses apply advanced machinery and equipment, make new products, and improve labor productivity, product quality and competitiveness.

Industry promotion has been significantly contributing to rural industrial development. Nonetheless, experts are advising Vietnam to diversify sources of investment in industry promotion to reduce the financial burden on state budgets and improve industry promotion efficiency.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said cooperation among various entities is necessary to ease industry promotion difficulties, including resources and efforts by relevant authorities and localities. Industry and trade promotion needs to be made more professional, ensuring production capacity and revenue improvement for enterprises rather than promotion of the industry and trade sector’s development.

The ARIT has provided guidelines for localities to prepare a national industry promotion plan for 2023, focusing on assistance in technical demonstration model construction, advanced machinery and equipment, technology and automation application, environmental pollution treatment system repair and upgrade, cleaner production, corporate governance improvement, development of outstanding rural industrial products, and detailed planning of industrial zones. Priority will be given to localities registering development of regional and regional-level outstanding rural industrial products.

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Diversification needed in investment resources

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