PM urges revising planning strategy of mechanical engineering

Published 17:38 PM on 12.04.20142483

He made the call at a conference in Hanoi on April 11 to review the implementation of the industry’s development strategy which was adopted in 2002.
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The PM said the sector has failed to meet the target set by the strategy, noting that it was able to meet only 32 percent of domestic demand in 2012, while the goal was 45-50 percent by 2010.

He instructed relevant ministries and agencies to continue adjusting mechanisms and policies, particularly those relating to land, corporate income and value added taxes and credit, to facilitate the development of the mechanical engineering sector.

Reports at the conference said that the sector posted nearly 228 trillion VND (10.8 billion USD) in production value in 2012, a six-fold increase from that seen in 2000. The figure rose to over 251 trillion VND (11.9 billion USD) last year.

Its export revenue hit 12.1 billion USD and more than 13.1 billion USD in 2012 and 2013, respectively.

Deputy Minister of Industry and Trade Le Duong Quang noted that the sector has become able to manufacture hydraulic machinery for hydro-electric power plants, including big ones like the 2,400MW Son La Plant. The motorbike industry also made great progress, not only meeting domestic demand but also exporting 150,000 units each year. The local content rate in made-in-Vietnam motorbikes has reached 85-95 percent.

In addition, the mechanical engineering sector is able to make full production chain for cement factories with yearly capacity of up to 800,000 tonnes, he said.

Participants suggested that more enterprises other than State-owned companies are allowed to join the key mechanical engineering development programme.

Meanwhile, mechanical engineering enterprises asked the Government to improve policies on bidding, tax incentives and credit access.