After three years of implementing the strategy to boost the development of Hanoi’s industrial sector for greater integration into the global economy, 121 products have been qualified as the city’s key industrial products so far that resulted in US$1 billion in export turnover during the period.
|Exports of Hanoi key industrial products hit US$1 billion in 2018 – 2020.|
Such a number of products was equivalent to 150% of the original target, and they have generated revenue of VND100 trillion (US$4.3 billion) for local industrial firms.
In this year, an addition of 35 products are set to qualified as Hanoi’s key industrial products.
On January 26, 2018, Hanoi People’s Committee approved the strategy to support the manufacturing of the city’s key industrial products until 2020, with a vision to 2025, aiming to promote investment, trade; improve the business environment and enhance competitiveness of local enterprises.
The majority of enterprises whose products classified as Hanoi’s key industrial items are of large size, high competitiveness and capable of integrating into global supply chains.
Moreover, all are operating in priority industrial sectors such as production of new materials, IT, molding and precision engineering, among others, which are expected to have high spillover effects and contribute significantly to Hanoi’s economic development.
Companies that have products named as Hanoi’s key industrial products would receive support from local authorities in joining trade and investment promotion activities; improving corporate governance and human resources; among others.
The strategy again emphasizes Hanoi’s efforts in accompanying local enterprises in their efforts of development.