Vietnam to Focus on Hi-tech Industry Development

The Ministry of Industry and Trade (MoIT) will invest in the industrial use of advanced technologies in a number of sectors, including computer electronics, mechanical engineering, metallurgy, chemicals, food processing and energy, the Vietnam News Agency reported.

 

According to a recently-approved strategy outlining the development of hi-tech industries until 2020, the MoIT has set a target of raising the production value of industries applying advanced technologies to 42 per cent-45 per cent of the total industrial production.

 

The ministry will aim to increase the proportion of hi-tech industries as well as increase the funding for research into developing these industries.

 

The above-mentioned industries will increase the use of hi-tech machines and equipment from the current level of 8 per cent-10 per cent to 10 per cent-15 per cent by 2015 and to more than 20 per cent by 2020, according to the strategy.

 

Businesses will be provided with preferential interest rates and be guaranteed to receive bank loans to fund hi-tech projects. They will also enjoy a range of tax breaks for high-tech machinery imports.

 

Companies are also encouraged to coordinate with foreign-backed businesses to organize training programs and take advantage of the skills and knowledge of overseas Vietnamese in developing hi-tech industries.

 

The government also plans to create favorable conditions to allow foreign investors to transfer technology to their Vietnamese partners, and to finalize policies governing the sale of shares for foreign enterprises, organizations and individuals operating in the hi-tech sector. (VNA)