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Industrial Development: Driving Force for Economic Growth
Posted: Monday, December 11, 2017
Implementing the Resolution of the Tenth Provincial Party Congress (term 2015-2020), the industry and trade sector of Long An province has made great efforts and obtained significant achievements; as a result, industrial production has become the driving force for local economic development.
On the right track
According to a report of the Department of Industry and Trade of Long An province, industrial growth (compared to 2010 constant prices) from 2015 to now increased by an average of 14.4 percent per year, promoting economic restructuring and contributing to the provincial economic growth of 9.2 percent per year. In particular, in 2016, industry accounted for 41.7 percent, up 1.8 percent against 2015. The structure of the industry is shifted positively: the proportion of the processing industry, the mechanical industry, metal production, electrical equipment, and electronics tends to increase; while labour-intensive industry and the processing and industrial sectors likely to cause environmental pollution are decreasing. The competitiveness of enterprises and the quality of industrial products is increasing.
According to Mr Le Minh Duc, Director of the Department of Industry and Trade, at present, most enterprises in Long An province have stable consumption market. However, in order to develop the production, the province is very active in supporting enterprises to expand the market and distribute products through investment promotion and trade promotion programmes, linking domestic and foreign businesses, promoting trade with localities of countries that Long An has cooperated with such as Chungcheonam-do (Korea), Hyogo (Japan), State of Virginia (USA), China and Russia.
In addition, Long An province is also interested in encouraging enterprises to invest in technology innovation, raising the value of industrial production and increasing export capacity. In order to promote industrial development in depth, the province attaches importance to supporting enterprises to accelerate the application of new technologies and modern technologies, especially for key industries and priority industries, creating technology breakthroughs in production. In addition to the support from the Provincial Party Committee, the Provincial People's Committee, the Industry and Trade Department of Long An province has also set up and implemented a scheme to encourage enterprises to innovate technology, improve their production capacity and competitiveness and protect the environment. Annually, the Sector also advises the Provincial People's Committee to increase the funds to support trade development; make the most of the support from the industry promotion and national trade promotion in order to encourage enterprises to invest, renovate technology and develop production and business.
Attracting investment in industrial development
The reason why Long An's industry is growing at a high rate every year is the important contribution from domestic and foreign investment. Particularly in the field of industrial production, with more than 1,700 businesses operating, contributing over 40 percent of the added value of economic sectors, it shows that the industry has truly become a driving force for economic development of Long An. Of which, enterprises in the province contribute over 50 percent of the total production value of the industry; FDI enterprises contribute over 46 percent.
With the orientation of developing green environment friendly industries, in the coming time, Long An will focus on developing industrial groups with high added value, high export value, and linked with development industrial services. The province will also focus on the development of industries, especially groups of mechanical, electric and electronic products, agricultural and rural industries, energy-saving and clean energy industries, new industrial materials and environmental industry.
The province will also restrict industries prone to causing environmental pollution. "With the strategic orientation, Long An would like to welcome and stand ready to create favourable conditions for domestic and foreign investors to invest in production and business with projects in accordance with targets, orientation of the province," Mr Duc emphasised.
Hoang Lam
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