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Economic News

Last updated: Tuesday, July 17, 2018

 

PM Okays Mechanical Engineering Development Strategy to 2035

Posted: Saturday, March 24, 2018

The Prime Minister recently approved a development strategy for Vietnam’s mechanical engineering industry to 2025, with a vision to 2035.

Accordingly, by 2035, Vietnam’s mechanical engineering industry will be developed with a majority of technologically advanced professions and products of international standards, while further participating in global value chains, making economical and efficient use of energy, and competing on equal ground in the era of international integration. The industry will develop a professional, disciplined and highly-qualified workforce, and be proactive in researching, designing and manufacturing mechanical products to basically meet the demand of the domestic market.

On exports, the strategy targets the mechanical engineering industry’s export volume meeting 35 per cent of its total output by 2020, and the proportion is expected to increase by 40 per cent by 2030 and 45 per cent by 2035.

The strategy stipulates the continuous revision and supplementation of policies on promotion of mechanical engineering industry, including tax incentives (corporate income tax and import duties) and support measures for investment and business; accelerate the development of supporting industries for mechanical engineering sector, increase the proportion of domestic production values, build a chain of production and assembly of mechanical products in the country, and facilitate Vietnam’s participation in global mechanical production chains.

This decision takes effect from March 15, 2018 replacing the Prime Minister's Decision 186/2002/QD-TTg dated December 26, 2002 on ratification of the development strategy for Vietnam's mechanical engineering industry to 2010, with a view to 2020.

Ha Thu








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