Large-scale projects set to fuel industrial productionThursday, April 18,2019
AsemconnectVietnam - The Ministry of Industry and Trade will strive to enable a number of industrial production projects to come online soon, with a particular focus on large-scale projects likely to stir up industrial growth during 2019 and the years to come.
Meanwhile, the steel sector enjoyed an upward trajectory during the first quarter of the year with crude and rolled steel output increasing by 64.8 per cent and 6.1 per cent on year, respectively. The sector was predicted to see a growth rate of some 10 per cent during 2019, primarily driven by two key projects in the central region.
Another driving factor comes from the Dung Quat steel factory in Quang Ngai province. The mill, which has received investment from the domestic industrial manufacturing Hoa Phat Group, is expected to have three blast furnaces come into operation by the end of the year. When at full capacity, the project could yield as much as 2 million tons of steel per year.
Do Thang Hai, Deputy Minister of Industry and Trade, said that first-quarter growth across most industrial sectors is on the right track set by the ministry.
Samsung meanwhile, a key contributor to the country’s manufacturing and processing sector, witnessed changes related to their product’s life cycle. These changes resulted in a slight rise of 1.02 per cent in its output and exports, much lower than that seen in the same period last year.
As for the garment and textile sector, Hai revealed that non-stop efforts will be maximized to perfect and release the sector’s development strategy within 2019.
Furthermore, the ministry will aid local firms in joining the supply chain, increasing their localization rate, satisfying principles regarding origins of products, and benefiting from tariff incentives from the FTAs, Hai stressed. He added that labeling, branding, and distribution could be improved so that local firms can become more competitive in both domestic and overseas markets.
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