Officials urge greater state investment in industry promotion
Data from the Ministry of Industry and Trade’s Agency for Regional Industry and Trade show that in 2021, national industry promotion programs disbursed less than half the amount of capital they did in 2020. Vietnam planned to allocate VND150 billion for national industry promotion programs in 2021, but only VND75 billion plus were disbursed. As a result, many rural industrial production establishments had to postpone their related reciprocal investment plans.
The capital Hanoi has spent a large amount of funding on industry promotion
Pham Van Hoa, Director of the Nghe An Province Department of Industry and Trade, said industry promotion programs in general are expected to set and reach major targets but have only received small sums to do so.
The capital Hanoi has spent a large amount of funding on industry promotion, but according to the city’s Department of Industry and Trade, the government needs to make proper investment or increase capital for its national industry promotion programs.
Participants of industry promotion conferences in the northern, central and southern regions have all proposed that the Ministry of Industry and Trade and other authorities increase capital for national industry promotion programs. A representative of the Dong Thap Province Department of Industry and Trade proposed that the authorities increase funding for industry promotion by 25 percent.
Having acknowledged industry promotion’s important role in industrial development, many localities have invested big amounts of capital in this field, and their investment is even larger than that of national industry promotion programs.
The Agency for Regional Industry and Trade has tried its best to help localities build, verify and approve feasible projects in order to make the most effective use of industry promotion funding.
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