Affirming pillar role for capital city’s industry

In accordance with the Politburo’s Resolution No. 23-NQ/TW on the orientation of developing national industrial development policies by 2030, with a vision to 2045, and the municipal Party Committee’s Plan No. 204-KH/TU, the municipal Department of Industry and Trade has advised the city People's Committee to implement the programme to develop priority industries for 2021-2025. The programme focuses on developing industries with high competitive advantages and ripple effects on other sectors, such as information technology, precision mechanics, electrical and electronic equipment, biotechnology, pharmaceuticals, and agricultural product processing.

Thanks to these efforts, from 2021 to 2024, Hanoi attracted hundreds of enterprises registering to participate in the key industrial product programme. In 2024, the city recognised 289 key industrial products, far exceeding the target set for the 2021–2025 period. These products not only serve domestic demand but are also exported to markets with high standards.

According to Nguyen Van Tuan, chairman of the Board of Directors of Viet-Tiep Lock Joint Stock Company, despite facing intense competition from similar products, Viet-Tiep locks still hold a large market share and maintain their leading position in Vietnam’s lock industry, thanks to the company’s continuous updates in technology, innovation in designs, and product materials.

Meanwhile, Nguyen Ngoc Chung, general director of Export Mechanical Tools Joint Stock Company, one of Hanoi’s key industrial product manufacturers, stated that the company always aims to produce products that meet international quality standards to both serve Vietnamese consumers and expand globally.

Dr. Tran Dinh Thien, former director of the Vietnam Institute of Economics, shared that through their business operations, enterprises with key industrial products have affirmed their role as pillars and driving forces for the development of Hanoi’s industry. Each year, these enterprises generate nearly VND200 trillion (US$7.6 billion) in revenue, accounting for nearly 35% of the city’s total industrial production value. Beyond the domestic market, key industrial products have also seen rapid growth in export value, reaching nearly US$2 billion.

Priority given to developing key industries with competition advantage

To comprehensively support businesses, the municipal Department of Industry and Trade held the 2024 key industrial products exhibition, featuring over 200 booths from major enterprises and foreign-invested companies. The exhibition created opportunities to connect key enterprises with partners both domestically and internationally; and contributed to boosting trade promotion, seeking partners, signing trade agreements, developing markets, linking with businesses in the supply chain to meet the needs of large manufacturers, and enhancing the international economic integration capacity of enterprises.

In addition, the department organised numerous training courses to improve management skills, digital transformation, and participation in supply chains for nearly 600 business leaders. It also connected more than 50 key industrial product manufacturers with research institutes and universities in the city, supporting enterprises in accessing scientific research projects for practical application in production.

According to Nguyen Kieu Oanh, deputy director of the department, the city prioritises developing certain industries with competition advantages that can deeply participate and contribute high added value to the global production network and value chain.

Furthermore, it continues to connect and support industrial enterprises to become product suppliers for customers both inside and outside the country. These business support activities aim to accelerate industrial growth and contribute more significantly to the capital’s economic growth.

To promote industrial production growth, Hanoi aims for 100% of enterprises manufacturing key industrial products to benefit from support policies, with particular focus on implementing credit interest rate policies for priority sectors. The city will also concentrate on improving the investment and business environment, and removing bottlenecks and difficulties, especially concerning non-state-funded investment projects that involve land use, she added.

Hanoi economy expands 5.5% in Q1

Hanoi’s economy continues its growth momentum in the first quarter of 2024, thanks to its activeness and flexibility in implementing socio-economic development measures, according to the municipal People’s Committee.