Northern Vietnam to Boost Key Industrial Development Projects

The Ministry of Industry and Trade has approved an industrial development plan to boost key industrial development projects, prioritizing metallurgy sector, electronics and IT industries in the northern economic zones from 2006 to 2015, vision 2020, state-run Vietnam News Agency reported.

 

Ten key industrial sectors: mechanical, metallurgy, and electronics-IT, construction materials, processing of forestry-foodstuff, chemical, garment-footwear, mining, power and handicraft industries will be boosted in the region.

 

Vietnam will need about VND415.97 trillion (roughly US$26 billion) for this planning. Of the sum, VND227 trillion (US$14.19 billion) is for industrial sectors, about VND30 trillion (US$1.875 billion) for building infrastructure networks and VND160 trillion (US$10 billion) for power and water systems.

 

Vietnam is expected to mobilize about 63 per cent-67 per cent at home and 33-37 per cent from foreign investments.

 

The Communist Party of Vietnam has set an ambitious target to become a fundamentally industrialized nation by 2020 and a medium earner by 2010 with US$1,000 per capita.

 

Vietnam will need about US$140 billion during the period to boost infrastructure development plan. (VNA, www.mofa.gov.vn))