Sunday, 20 Oct 2019
HANOINEWS

Hanoi pushes for investments in industrial parks

Updated at Wednesday, 04 Sep 2019, 11:37
The Hanoitimes - The move is part of Hanoi’s efforts to promote industrial development.
Hanoi’s Department of Industry and Trade would cooperate with local government agencies to promote investment in industrial parks, laying the foundation for industrial development in the capital, according to Le Hong Thang, director of the municipal department. 
 
Illustrative photo.
Illustrative photo.
In the context of the Fourth Industrial Revolution, Thang expected enterprises to change their mindset towards using modern technologies and revising the production method, saying the aim is to enhance the productivity and develop new industrial sectors. 

This would help Vietnamese enterprises gradually develop products with national brands and become capable of competing in regional and international markets, which in turn help them deepen integration in the global value chain, Thang stated. 

According to Thang, the Department of Industry and Trade plans to promote trade activities and help local enterprises expand markets for products with high added value and competitive edge. 

Additionally, the local authority would continue to support investors in speeding up the construction progress of new shopping malls and markets in Hanoi, as well as retailers in expanding their distribution network, Thang continued. 

For the first time in 2018 since the launch of the provincial competitiveness (PCI) index report in 2005, Hanoi has been named among the top 10 ranking nationwide, claiming the 9th rank out of 63 provinces and cities with a score of 65.40. 

The result showed acknowledgment from the business community to Hanoi’s ongoing reform efforts, Thang concluded. The authority would continue to review existing administrative procedures to remove the obsolete ones, he stressed. 

Hanoi's Index of Industrial Production (IIP) in August expanded 3.8% month-on-month and 8.9% year-on-year, leading to an inter-annual increase of 7.7%  for the January – August period, according to the municipal Statistics Office.

For the eight-month period, the mining industry declined by 28.6% year-on-year while manufacturing and processing was up 7.8%, production and distribution of electricity up 8.1%, and water supply, sewage water treatment and  collection up 7.8%. 

Some of the industrial subsectors that registered remarkable growth during the January - August period are food processing, wood processing, rubber products, electronic devices, computers, prefabricated metal products, beds and wardrobes.

Since 2018 to date, Hanoi has established eight new industrial parks. The municipal Industry and Trade Department is supporting investors in seeking approval from local authority for the establishment of other 12 industrial parks and speeding up the construction of other eight. 

Hanoi is scheduled to have a total of 68 industrial parks by 2020, with total investment capital of VND19.16 trillion (US$822.4 million), according to information revealed at the 2018 Hanoi Investment Cooperation Conference. 
Ngoc Mai
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