More Support Policies for Industrial Firms

Vinh Phuc province always assigns great importance to developing supporting industries (SIs) and regards SIs as a direct driver to sharpen the competitive edge of industrial products and accelerate local industrialization. Recently, the Provincial People’s Committee has requested the drafting of a resolution on support for local industrial manufacturers in the 2019 - 2025 period.

Accordingly, the province will support all the cost of preparing documents and issuing certificates for producers of hi-tech components; the cost of assessing and certifying regional technical standards and regulations for supporting industrial products. It supports lending interests for new investment projects or investment expansion by 20% or more of the current scale; supports 50% of the cost and lending interest for investment in advanced machinery and equipment, scientific and technical advances in industrial parts manufacturing to improve productivity and product quality.

The new policy is expected to create momentum for the province's key industries to grow by leaps and bounds, and make significant contributions to export growth and localization. By 2025, supporting industries will become a link in supplying high-valued technological parts in complete manufacturing chains operated by giant domestic and international corporations.

N.T