Vietnam is prioritizing new technology, chips, semiconductors, and AI; developing support industries; strengthening links between domestic and foreign-invested sectors; and developing green, energy-saving, environment-friendly, low-carbon construction materials.
Minister of Industry and Trade Nguyen Hong Dien said these goals will stimulate both new and traditional growth drivers. “To achieve the goals of the five-year plan from 2021 to 2025 and create a foundation for Vietnam in the new era of prosperity, the industry and trade sector has taken steps to help businesses recover and develop their production and trading, and accelerate key industrial, energy, and trade development projects to give new momentum to economic growth,” said Dien.
According to the Ministry of Industry and Trade, to achieve GDP growth of at least 8%, the industrial sector will have to grow a minimum of 9.3%. To achieve double-digit GDP growth, the industrial sector will have to grow 11.9%.
Processing and manufacturing will primarily determine the growth rate of the whole industrial sector and create the largest added value for the sector. It has been the main driver of national growth for many years.
Vietnam will continue to be selective about foreign direct investment in this sector. Priority will be given to projects that involve advanced technology, new technology, high-tech, clean technology, modern management, high added value, and connections to the global production and supply chain.
Associate Professor of Economics Nguyen Thuong Lang underscored the need to restructure Vietnam's industry toward green industry, clean industry, and smart industry and organize it in line with the value chain. “To create a breakthrough, we should invest more in new industrial fields like semiconductors, clean energy, green energy, and industries related to digital transformation,” Lang noted.
Vietnam is also strengthening its support industries, which is seen as the core of sustainable development. It will help domestic enterprises participate in the supply chain and in projects in the energy or renewable energy sector.
Truong Thi Chi Binh, Vice President and Secretary General of the Vietnam Association for Supporting Industries, said, “If we manage to outline a strategy and a clear localization plan, everyone will be well prepared to participate in the supply chain of the renewable energy sector.”
Vietnam continues to refine policies and legal documents, establish resources for business growth, and ready goods for export and domestic markets. The industry and trade sector is formulating a new law on key industrial products.