Hanoi sets target to have 100-120 manufacturers of industrial products in the 2021-25 period, providing 150-180 products to be recognized as key ones.

This is a goal of the Hanoi’s program of manufacturing key industrial products in the next five year, in which the manufacturers are expected to contribute to 40-50% of the city’s industrial production value and 20-25% of its total export and import revenues by 2025.

Nearly 200 products from 77 companies are recognized as Hanoi's key industrial products. Photo: Thu Huong

According to a report of the Department of Industry and Trade, the city has currently 77 qualified industrial product manufacturers, making total estimated revenue of VND200 trillion (US$8.63 billion) in 2020, in which their export earnings reached nearly US$2 billion.

Nearly 120 products from 77 manufacturers have been recognized as Hanoi's key industrial products after three years (2018-20) the city implemented a program on the development of flagship industrial products.

Of these manufacturers, 21 obtained revenues of more than VND1 trillion (US$43 million), specifically one of them obtained more than VND40 trillion (US$1.7 billion) in revenue, while seven companies made a turnover of more than VND5 trillion (US$216.2 million).

There are also 15 manufacturers of high-tech products and ten companies with foreign investment including Toto, Canon and Panasonic.

The department said that many of the targets set for the 2018-20 period have been achieved and exceeded. The number of recognized key industrial products exceeded the target set for the period by 146.25%.

Basing on achievements and deficiencies, the department said it will map out specific support mechanisms and policies for manufacturers of cutting-edge industrial products in the city, encouraging companies to participate in the project.

The city’s departments and branches are assigned to support the industrial product manufacturers by enhancing administrative reform, simplify and create favorable conditions for enterprises to manufacture and sell key industrial products.