Hanoi’s Department of Industry and Trade expects foreign direct investment (FDI) firms will team up to develop key industrial products to benefit socio-economic development.

The products are outputs of the sectors that are prioritised by the city and influential to its development.

Those products are made by high-tech chains that are environmentally-friendly and help the city sustain its business environment and achieve high economic growth.

In the past the products have including long-lasting LED light bulbs and energy saving windows.

Producers are often key exporters in their sectors accounting for a majority of the city’s total industrial output while at the same time creating jobs for local people. Their businesses are also highly competitive and sustainable.

FDI firms are the focus of this year’s programme, according to Dam Tien Thang, Deputy Director of the Department of Industry and Trade.

In addition to making profits, companies operating in Hanoi must be aware of and responsible for implementing the city’s policies, Thang told a press conference on July 11.

“Their business operation must be sustainable and valuable regarding issues in environmental protection, job creation and community services,” Thang said.

But due to a number of reasons in the past, FDI firms have not been interested in joining the programme and the organisers hope more will take part this time around.are looking forward, he said.

In total, Hanoi expects 40 industrial firms operating in the city and neighbouring areas will take part. So far only 16 businesses have signed up for the programme since April.

Companies joining will receive incentives and good treatment from the city authorities in terms of land use and administrative process, Thang said.

“The programme can help us understand the needs of the business community – which consists of 10,000-12,000 companies – by studying the needs of a group of about 100-200 companies,” he said.

The recognition of key industrial product is valid for three years. Some companies presented in last year’s programme will continue their journey this year.

Later this month, the city’s Department of Industry and Trade will hold talks with the business community to discuss work related issues. In addition, a group of business leaders will be officially introduced at the end of July so that companies are connected and can send their requests to the city’s authorities if any policies need changing.

The programme is a part of the development plan for Hanoi’s key industrial products until 2025. Technology, electronics, plastics and chemicals, textile and garment, and food production are in the spotlight.

The programme is co-organised by the city’s Department of Industry and Trade and the Hanoi Industry Development and Consultancy Centre.

This year’s programme, which lasts until November 2019, is expected to receive the same number of industrial producers. Companies started submitting their profiles to the organisers in April.

The programme was initiated in 2018 and 36 industrial producers with 61 products were recognised key industrial products. The production of those products accounted for 35 percent of the city’s total industrial output.

Top 10 key industrial products last year included Rang Dong LED bulb, Quang Vinh ceramics, Eurowindow plastic window and Son Ha inox pipe.