PM approves strategy for developing mechanical engineering industry

Vietnam’s mechanical engineering industry strives to apply cutting-edge technology, produce high-quality products up to international standards, and further participate in the global value chain by 2035.

Mechanical engineering industry’s export volume is expected to account for 35% of its total production by 2020.
Mechanical engineering industry’s export volume is expected to account for 35% of its total production by 2020.

The targets were set out in a Prime Minister-approved strategy for the industry’s development by 2025 with a vision to 2035.

The industry will also focus on the efficient use of energy, equal competitiveness in international integration, and establishing a disciplined, professional, and qualified work force who are proactive in conducting research, product design, and manufacture.

The industry’s export volume is expected to account for 35% of its total production by 2020, and reach 40% and 45% by 2030 and 2035, respectively.

Under the strategy, the available policies for developing the mechanical engineering industry will be reviewed and amended, particularly those on tax incentives, while administrative procedures for businesses working in the field will be simplified, while domestic production and assembly chains will be improved.