Supporting Industries Prioritized for Development

1:37:05 PM | 20/11/2020

Supporting industry is always defined as one of disruptive economic sectors to increase added value and create a foundation for sustainable industrial development. By 2025, the supporting industry of Vinh Phuc will become a supply chain of high-value products in a complete product production cycle of giant domestic and foreign corporations.

Nearly 200 companies in Vinh Phuc province are engaged in supporting industries, focusing on five pillar sectors: Mechanical engineering; automobile and motorcycle; electronics; apparel and footwear; and construction materials. The development of supporting industries not only creates many jobs and increases the State budget income but also boosts the development of key industries. Supporting industries contributed to the 16.2% to industrial growth in 2016 - 2019. The province's supporting industries are aimed to become an important link in the complete product production line of large domestic and international corporations by 2025. Vinh Phuc supports 100% of the fund for companies to apply management systems that meet corporate governance requirements of global production chains; 70% of training cost of improving human resource quality; 50 - 100% of the fund for research and development, technology transfer and innovation application in manufacturing and testing components, spare parts, and inputs. These attractive preferential policies will give a strong boost to the rapid and strong development of supporting industries of Vinh Phuc province.

By Thanh Nga, Vietnam Business Forum