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Vietnam to offer more support for industrial zone development

2023 Aug 25, 16:25, HANOI

Vietnam will provide stronger support for industrial zone development in the coming decades, aiming to increase the number of multinational corporations invested in the country, local media reported on Friday.

The government will place a high priority on projects with advanced technologies and modern management system that produce high-value commodities with key positions in the global supply chain and connectivity, local newspaper Vietnam News reported.

Local authorities will focus on maximizing regional advantages to organize the development of their industrial bases to enhance the economy's and businesses' competitiveness, the newspaper said.

One of the key objectives is to build a strong institutional foundation for the development of industrial zones that suits the characteristics of industries while taking advantage of regional linkage and synchrony, the newspaper cited Tran Quoc Phuong, deputy minister of planning and investment as saying.

The ministry has been working closely with local authorities and other governmental agencies to build on the current Law on Industrial and Economic Zones, aiming to address the major concerns of investors.

Vietnam expects to increase the number of multinational corporations within the top 500 largest global corporations invested in the country by 50 percent in the 2021-2030 period.

There are more than 400 established industrial zones across the country, according to the ministry.

Vietnam's total disbursed foreign direct investment in 2022 reached 22.4 billion U.S. dollars, up 13.5 percent over the previous year, according to the ministry.


Vietnam industrial zone development multinational corporations modern management system advanced technologies global corporations invested
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