According to an action plan released this week by Vietnam’s Ministry of Industry and Trade, by the end of this decade, Vietnam is expected to become one of the top three countries in Southeast Asia in terms of industrial competitiveness. The action plan, based on Resolution No. 29 of the 13th Central Committee of the Communist Party of Vietnam, aims to promote national industrialization and modernization with a development vision towards 2045.
According to the plan’s objectives, the industrial sector will account for over 40% of GDP, with manufacturing and processing alone accounting for about 30%. Per capita manufacturing and processing value-added is expected to exceed $2,000, and the proportion of labor force in industry and services is expected to exceed 70%.
To achieve this goal, Vietnam plans to nurture large industrial enterprise groups with international competitiveness in basic, priority, and key industrial sectors. Meanwhile, focus on building and developing internationally competitive domestic industrial clusters and mastering parts of production value chains.
The action plan focuses on supporting the exploration of industrial product export markets, particularly utilizing Vietnam’s signed free trade agreements, assisting exporters in overcoming technical barriers in import markets, and gradually promoting industrial finished products to new markets.
The plan will also focus on developing supporting industries such as smart electronics, automobiles, textiles and garments, mechanical automation, biotechnology, and high-tech industries. Meanwhile, implement import management measures according to Vietnam’s commitments to support important national industrial development.
Additionally, Vietnam will improve the legal framework for major industries such as metallurgy, mechanical engineering, chemicals, energy, and digital technology, and develop raw material bases for industrial sectors such as garments and footwear.
According to the monthly report from Vietnam’s General Statistics Office, in the first nine months of this year, Vietnam’s industrial production index increased by 8.6% year-on-year, showing continuous recovery in the industrial sector. Manufacturing increased by 9.8%, electricity production and distribution by 11.1%, water supply and wastewater treatment by 9.9%, while mining decreased by 6.4%.
Key performing industries during this period included steel (up 27%), oil and gas (20%), fabrics (16%), NPK fertilizers (13%), and automobile manufacturing (12%).
Statistics show that as of September 1, industrial enterprise employment increased 1.1% month-on-month and 5.2% year-on-year. As of September 30, the inventory index for manufacturing and processing industries increased 5.2% from the previous month and 8.5% year-on-year.
Key Points:
- Vietnam formulates action plan aiming to become one of ASEAN’s top three in industrial competitiveness by 2030.
- Plan targets include total industrial share exceeding 40%, manufacturing share reaching 30%.
- Will focus on developing large industrial enterprises and industrial clusters with international competitiveness.
- Industrial production index increased 8.6% year-on-year in first nine months, showing continuous recovery
- Multiple key industries achieved double-digit growth, employment steadily increasing.
