Saturday, March 25, 2017 2:43:38 PM - Markets open
VN-INDEX 722.14 +2.58/+0.36%
HNX-INDEX 91.37 +1.47/+1.64%
UPCOM-INDEX 57.52 -0.14/-0.24%
Industrial growth slow, labour productivity low: Party official
Source: VNS - 3/14/2017 9:44:26 AM
 (0 ratings. You must sign in to rate.)
Việt Nam’s industry is developing too slowly and is still reliant on many foreign-invested enterprises, says Nguyễn Văn Bình, head of the Party Central Committee’s Commission of Economic Affairs.

He was speaking at a conference held in Hà Nội late last week on national industrial development policies until 2025 with a vision to 2035.

Between 2006 and 2015, the country’s total industrial production value rose 3.42 times, while the industrial portion of the GDP remained stable at 31-32 per cent.

While this has created jobs and contributed to socio-economic development, “industrial production growth has been weak and unsustainable; and industrial labour productivity, especially in the processing and manufacturing industries, has been low,” Bình said.

But the growth of average labour productivity in the industrial sector, especially in manufacturing, has been at a low level of 2.4 per cent a year, lower than that of the economic growth rate of 3.9 per cent in the 2006-15 period, he noted.

In comparison with other countries in the region, Việt Nam’s industrial productivity lags behind, Malaysia’s and Thailand’s is 6.4 times greater, and that of the Philippines is 3.4 times higher.

Bình stressed the need to develop a comprehensive industrial policy framework to promote and improve the quality of national industrialisation and modernisation during the 2016-25 period.

Nguyễn Đức Kiên, vice chairman of the National Assembly’s Economic Committee, agreed. “It time to change the thinking and create a favourable investment environment for all economic sectors to develop industries,” Kiên said.

Deputy Minister of Industry and Trade Đỗ Thắng Hải said Việt Nam should continue to update its mechanisms and policies to create a favourable environment for attracting investment.

“Furthermore, the country must clearly define the role of economic components in industrial development to appropriately orient development policies, promote the application of new technologies, facilitate labour restructuring, improve the quality of industrial human resources and diversify financial resources for industrial development,” Hải added.

Experts also discussed experiences in developing industrial policies in countries such as Japan, South Korea and Thailand, as well as identifying opportunities and challenges for industrial development.

Participants proposed several orientations for industrial development policy, including adjusting the investment structure, selecting key sectors to set investment priorities, facilitating supporting industry development and protecting domestic production with technical barriers.

Newer News
24/03 Local reform must be hastened: businesses
23/03 Việt Nam’s coffee price highest in six years
21/03 Wood glue quality to be more tightly controlled
21/03 Ministry denies rice licence costs $20,000
20/03 Steel prices set for slight rise
20/03 Vietnamese economy on a 'slow slippery slope'
14/03 Development fund offers financial aid to SMEs
14/03 Japanese firm wants to join Vietnam’s tea industry
14/03 Bright prospects for steel firms despite challenges
Older News
09/03 Production improves, trade unbalanced: MoIT
09/03 Agriculture minister explains new regulations to US firms
09/03 SCG spends $156 million to buy cement company
08/03 MoIT targets bigger GDP role for logistics sector
08/03 Huge trade potential in Australia
07/03 Vietnam pepper faces difficult year
07/03 Over 345 million USD in FDI poured into property sector
07/03 Gasoline prices slightly drop
07/03 Firms want hotline to Gov’t leaders
06/03 Cashless economy target too high: experts
 
Newsletter Signup
Top Stories
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
CPI below 5% target
At 6.21 per cent, country’s GDP below govt target
Market Update
Last updated at 3:00:00 PM
VN-INDEX 722.14 +2.58/+0.36%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.