In the last five years, the province has seen an industrial growth rate of 20 percent each year. Currently, it is home to 538 enterprises with total assets of VND800 billion (US$50.4 million). 

Mr Bach said that intensive investment will be poured into the province’s engineering, electric and electronics sectors in a bid to make them become the province’s key industrial products with an annual growth rate of 40 percent. 

In addition, the textile and garment industry, focusing on designs and trademarks, is also expected to give Nam Dinh the momentum to develop and become the country’s centre for textile and garment production. By 2015, the province’s clothing sector aims to attract 11 new projects with capital totaling roughly VND1.5 trillion (US$94.4 million).

Nam Dinh will focus on actively marketing foreign-direct investment (FDI) projects to draw new potential investors from all economic sectors, said Mr Bach, adding that the province will create favourable conditions to help these enterprises receive investment licences as soon as possible.

An increase in the number of industrial zones (IZs) in the province also contributed to industrial growth. According to the deputy head of the provincial IZ Authority Hoang Xuan Tuyen, Nam Dinh has drawn up a plan to establish 12 IZs and two shipping industrial complexes with a total area of approximately 2,000ha.

To date, Nam Dinh has built two IZs including Hoa Xa and My Trung, and the 327-ha Hoa Xa IZ alone has granted licences to 74 projects so far, with a combined capital of US$238 million.

However, the province’s industry is still out of date, said Mr Bach. He cited many local firms that have not yet modernised their machines and equipment, therefore being unable to compete on the market.