HCM City: Key product manufacturers to be backed over five major policies

23-Oct-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

Manufacturers of key products in HCM City would enjoy five major support policies, comprising company location, funding, science and technology, manpower training, and trade and brand promotion, according to Pham Thanh Kien, director of the municipal Department of Industry and Trade.

The HCM City Department of Industry and Trade on October 20, in cooperation with the municipal Department of Agriculture and Rural Development, announced a list of key industrial and agricultural products of the city for the 2018-2020 period.

In particular, the city will offer preferential loans to producers of such commodities to facilitate their investments with the assistance duration of seven years. Of these, facility construction will receive the maximum preferential loans at VND2 billion each, the highest aid for enterprises so far.

As for human resources, the city will run personnel training courses upon request of prioritised enterprises, said Kien. Regarding administrative procedures, the municipal industry-trade department will present company requests for support to the city’s People’s Committee within 15 days as regulated, Kien added.

Apart from that, the city also supports firms to find buyers or sellers and market their key goods locally and overseas.

Nguyen Thanh Phong, chair of the HCM City People’s Committee, said the release of the list of key products has provided a sketch of the municipal economy, enabling the city to pour investments into high potential brands. Phong added the city will create as many favourable business conditions as possible to back enterprises.

The introduced products must have high competitiveness and enormous potential for local consumption as well as for export, and are expected to contribute substantially to the city’s economic development.

For the industrial sector, the groups of key products are listed in the four major fields of mechanical engineering-electronics; pharmaceutical chemistry, rubber, plastics; food processing; and textile-garment.

Meanwhile, regarding the agricultural sector, the three groups of key products are plants (vegetables, flowers, ornamental plants), cows (cows of various breeds, cow milk) and pigs (pigs of various breeds, pork), and brackish water shrimp products.

Data from the industry-trade department showed that, in the year to September, the city’s industrial sector recorded year-on-year growth of 7.9 percent, the highest in recent years. This sector is expected to achieve more impressive growth once support for the key products is launched.



Category: Economy, Vietnam

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