Vietnam advised to prioritise key industries
(VOV) - Vietnam should restructure its industrial sector, with priority given to key industries, Republic of Korean experts suggested at a workshop in Hanoi on September 30.
From a poor, war-torn country with limited natural resources, the RoK is now considered the 11th biggest economy in the world, and the success lies in choosing key industries for development of an export-driven economy.
Hwang Inseong, Vice Chairman of the Samsung Economic Research Institute (SERI)’s Global Research Department, said the RoK has gradually undergone different periods of the industrial era, from light to heavy, chemical and knowledge-based industry.
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Vietnam is currently shifting its economy from an agriculture-based to the manufacturing and assembling industry. Therefore, it might later follow the RoK’s steps, learning from its experience and choosing a proper development policy, Hwang said.
Development Strategy Institute (DSI) Director Duong Dinh Giang said Vietnam can learn strategies from the RoK, by identifying comparative advantages of the industry in the integration process and then developing highly competitive industries.
To do this, he suggested restructuring what he called ‘the industrial space’ in Vietnam by establishing ‘core’ and ‘buffer’ industrial zones.
The core zone will develop market-based industries while the buffer zone will focus on support industries, Giang said.