Industry needs to speed up

(ĐN)- In 2024, Vietnam’s industrial sector grew 8.4% compared to 2023. The government targets 12-13% growth for 2025, but this is a tough challenge amid global uncertainties and a sluggish world economy forecast.

Despite this, Vietnam holds strong advantages thanks to rapid, deep integration. The country has signed or is negotiating 19 free trade agreements (FTAs) covering two-thirds of global GDP, many with immediate or gradual tariff reductions. Meanwhile, the US plans to raise import taxes on some countries, especially China, potentially up to 60%. This shift is expected to redirect many orders from China and other countries to Vietnam and ASEAN.

However, Vietnamese factories must meet high standards of new brands to capitalize on these production shifts.

Facing intertwined opportunities and challenges, the government sees industrial growth as the key driver of overall economic growth, attracting foreign investment and boosting exports. Currently, foreign firms account for nearly 75% of Vietnam’s exports, while domestic companies hold just over 25%. Most production remains assembly with low value added, limiting higher-value manufacturing sectors.

Dong Nai, one of Vietnam’s five major industrial hubs, posted industrial growth of just over 8.2% in 2024—below the national average. To meet national targets, the province is actively supporting new investments and expanding production, while improving the investment climate to attract relocated manufacturing chains.

With its strong transport infrastructure and favorable climate, Dong Nai only needs to ensure ready industrial land and streamline administrative procedures to lure more industrial projects.

Reported by U. Nhi