Mechanical engineering industry needs more incentives: PM
Prime Minister Nguyen Xuan Phuc emphasized the need to facilitate the development of the mechanical engineering industry while addressing a conference in Hanoi on September 24.
Prime Minister Nguyen Xuan Phuc speaks at the conference. (Photo: VNA)
Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc emphasized the need tofacilitate the development of the mechanical engineering industry whileaddressing a conference in Hanoi on September 24.
Apart from the market, mechanic businesses need incentives to participate innational projects, access information and cutting-edge technologies, and stepup technological application in order to improve their productivity and competitiveness,he said.
The sector would develop further if there are suitable macro policies,especially those on tax and interest rate, the leader said, adding it is a mustto develop auto mechanics which has high added values, along with theprocessing industry and mechanic technologies in service of agriculture.
The leader suggested improving the quality of trade promotion activities toattract the world’s big investors in the domestic mechanic sector, andintensifying the fight against trade fraud and trafficking in this sphere.
He assigned the Ministry of Industry and Trade (MoIT) to devise theGovernment’s resolution on solutions to develop Vietnam’s mechanicalengineering industry by 2030 with a vision towards 2035, which is expected tobe issued at the end of this year.
The PM asked the State Bank of Vietnam to coordinate with the MoIT to studycredit policies and mechanisms in support of mechanic firms.
Meanwhile, the Ministry of Agriculture and Rural Development and the Ministryof Natural Resources and Environment were asked to perfect regulations on landin service of large-scale agricultural production, thus facilitatingagricultural mechanization.
Localities must play a more active role in attracting both domestic and foreignmechanic enterprises, and put forth preferential policies, he stressed,affirming that the Government always accompanies mechanic businesses, helpingthem optimize opportunities to further develop.
Vietnam is now home to about 21,000 mechanic firms of different scales, whichdemonstrates the determination of ministries, agencies and businesses topromote the domestic mechanic sector, as well as the increasing demand formechanic technologies.
Speaking at the conference, Deputy PM Trinh Dinh Dung emphasized that mechanicalengineering is a key industrial sector and a growth engine of the nationaldevelopment, given Vietnam’s process of industrialization and modernization.
The processing and manufacturing sector has reportedly made up nearly 40percent of the net revenue of enterprises over the past years, with mechanicengineering accounting for more than 36 percent./.
The mechanical engineering industry needs supportive policies from the Government to enhance its competitiveness during the fourth industrial revolution, officials and industry experts have said.
The 7th International Precision Engineering, Machine Tools and Metalworking Exhibition & Conference (MTA HANOI 2019) will return to the capital city next month, aiming to assist with the development of the mechanical engineering sector in the north.
General Secretary of the Communist Party of Vietnam Central Committee To Lam and his spouse Ngo Phuong Ly departed from Hanoi on August 10 morning for a four-day state visit to the Republic of Korea (RoK), which is made at an invitation of RoK President Lee Jae Myung.
As part of the ASEAN Day celebrations, the Vietnamese embassy will also host the ASEAN Family Day 2025 in Ottawa to foster solidarity and community spirit among ASEAN members in Canada.
State President Luong Cuong’s trip once again reaffirmed the Party and State’s foreign policy of independence, self-reliance, diversification and multilateralisation of relations. It also reflected the strong trend of enhanced cooperation among countries of the Global South in shaping a new, more multipolar, fair and equitable world order.
The outcomes of Party General Secretary To Lam's visit will serve as a driving force and source of inspiration for the two countries to inherit, promote, and elevate their Comprehensive Strategic Partnership, contributing to the national construction and development cause in each country, and to peace, cooperation, and development in the region and the world.
Prime Minister Pham Minh Chinh on August 9 inspected the construction site of the new Phong Chau bridge, and surveyed a planned route for the Lao Cai – Hanoi – Hai Phong railway section running through the northern province of Phu Tho.
Across print, broadcast, and online platforms, Angolan media portrayed State President Luong Cuong's visit as a warm and historic occasion, strengthening bilateral ties and boosting Vietnam’s presence in Africa through the AU.
The 500kV Lao Cai – Vinh Yen power transmission line has a total investment of over 7.41 trillion VND (282.5 million USD), and a total length of 229.5 km, passing through 31 communes in the two provinces, and comprising 468 transmission tower foundations.
The visits reflected the elevated position of Vietnam’s foreign policy in the new era—aimed at not only advancing ties with key regional partners like Egypt and Angola but also delivering a strategic message about Vietnam’s commitment to deepening relations with African nations as a whole.
At their talks and meetings, President Cuong and Angola’s top leaders affirmed that the close brotherhood and traditional friendship are a valuable shared asset and a solid foundation for the two nations to advance into a new phase of development.
The ruling People’s Movement for the Liberation of Angola (MPLA) attaches great importance to the friendship, solidarity, and comradeship with the Communist Party of Vietnam, and voiced her Party’s wish to further deepen and expand relations between the two sides for the benefit of the Vietnamese and Angolan people.
Vietnam pledges to do its utmost to build an ASEAN of solidarity, consensus, and unity in diversity, and to foster a fast and sustainable development path for ASEAN, grounded in science, technology, and innovation, said Prime Minister Pham Minh Chinh.
Party General Secretary To Lam called on the criminal police force to accelerate the application of science, technology, artificial intelligence, and digital transformation in criminal investigation tasks such as crime prevention, detection, tracking and verification, ensuring that no area remains out of their reach.
Many Koreans living, studying, and working in Hanoi see the upcoming state visit to the Republic of Korea (RoK) by Party General Secretary To Lam as an opportunity to generate strong synergy in economic cooperation, people-to-people exchanges, and cultural understanding.
The achievements of the five decades of Vietnam–Angola cooperation provide a strong and enduring foundation, as well as momentum for the two sides to consolidate, expand, and bring their partnership into a new phase of development.
Prime Minister Pham Minh Chinh stressed that the emulation and commendation work is a vital driver, fostering patriotism, dedication, and collective momentum in the run-up to the 11th National Patriotic Emulation Congress, Party congresses at all levels, and the 14th National Party Congress.
Emphasising the need for sustainable, long-term collaboration, National Assembly Chairman Tran Thanh Man called on Japanese investors not only to bring in capital but also to share expertise and modern technology, especially in areas such as green transformation, the circular economy, and advanced corporate governance.
President Luong Cuong's activities during his state visit to Angola, the celebration of the financial sector's 80th traditional day, and the Foreign Ministry's flag-hoisting ceremony marking the 58th founding anniversary of ASEAN are among news highlights on August 8.
Vietnamese Ambassador to Thailand Pham Viet Hung praised the Thai Ministry of Foreign Affairs’ meaningful initiative, noting that the ASEAN Family Run was not only a sporting activity but also an opportunity for diplomats and their families to show unity, connection, and solidarity within the ASEAN family.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
The size of the economy increased from over 5 billion USD in 1986 to over 476 billion USD by 2024, making Vietnam the fourth-largest economy in Southeast Asia and the 34th largest in the world.
Prime Minister Nguyen Xuan Phuc speaks at the conference. (Photo: VNA) 
