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.
Cashew exports to China surge in April, but overall figures poor
Steel imports from China go up
Vietnam’s trade deficit hits US$1 billion by mid-May
Auto sales down despite of strong discounts
Viet Nam coffee exports plummet on global headwinds
Internal, external factors challenge Vietnam’s coffee exports
Green dominates, boosting VN-Index to over 980 points
Vietnam-Russia economic, trade relations continue to thrive
Petroleum trade revenue in first four months of 2019
State budget balance in first four months of 2019 saw surplus
Vietnam stays attractive to foreign investors amid trade war: economist
Industry 4.0 could boost Vietnam’s GDP by up to 16 percent
Vietnamese firms move to foster apparel exports to Canada
Export of aquatic products forecast to grow 8 percent in Q2