Deeper integration into global value chain crucial: Minister

Party Central Committee member and Minister of Industry and Trade Tran Tuan Anh speaks at the discussion session (Photo: VNA)

Hanoi - Deeper integration into the global value chain while developing an increasingly independent and self-controlled economy are both a requirement and a solution to help Vietnam overcome the challenges to realise its goal of rapid and sustainable development, according to Party Central Committee member and Minister of Industry and Trade Tran Tuan Anh.

Anh made the statement in his presentation at discussions on January 28 during the on-going 13th National Party Congress.

Placing emphasis on the importance of the industrial sector, he said it has been a driver for socio-economic development and the realisation of the country’s industrialisation and modernisation.

Along with the achievements brought about by the “Doi Moi” (Renewal) policy, he highlighted several challenges in industrial development. The sector at present mainly engages in simple, low-added value processes such as assembling, a shortage of uniform development, and suffers from loose links in the sector itself and between different sectors.

The official emphasised the need to follow the Party’s view that while outside resources are important, internal strength plays the decisive role. Therefore, it is necessary to sharpen the focus on promoting restructuring and improving the internal strength of the industrial sector, developing domestic enterprises and major firms in digital transition and high technology that can play a key role in spearhead sectors.

The allocation of resources for development should be carried out in an effective manner, he went on, while due attention should be given to promoting the role of the non-State economic sector, particularly private enterprises,in manufacturing, basic industries, services, wholesale and retail sales, and agricultural processing, among others.

Meanwhile, Y Thanh Ha Nie K’dam, alternate member of the Party Central Committee and Secretary of the Party Committee of the Central Enterprises’ Bloc, recommended that the Party and State adopt several measures to complete mechanisms and policies to promote the sustainable development of State-owned enterprises, making contributions to ensuring the pivotal role of the State-run sector.

He also proposed setting up an organisation to take charge of the investment of State capital in State-owned firms.