Government to issue resolution to boost mechanical industry
(VOVWORLD) - The Government plans to issue a resolution with incentives and a vision through 2035 for the mechanical engineering sector next month, said Prime Minister Nguyen Xuan Phuc.
 PM Nguyen Xuan Phuc (C) renews government commitments to boost the mechanical industry. |
Mr. Phuc told a conference on the development of the mechanical industry in Hanoi on Tuesday that the sector is the backbone of the national economy and needs to expand both in scope and scale.
“We must contribute more resources to the mechanical industry and better identify overseas and domestic market demand. Tax incentives should be offered to support the sector,” said PM Phuc.
Vietnam is currently home to about 21,000 mechanical engineering firms. The processing and manufacturing sector has reportedly made up nearly 40 percent of the net revenue of enterprises in recent years, with mechanical engineering accounting for more than 36 percent.