The central province of Quang Ngai will further develop its industrial sector in a bid to attract more investment in the coming period, stated a provincial official.

Quang Ngai targets 11% industrial production value growth

Located in the central key economic region, it is clearly shaping it as an industrial center of the central region and the whole country. 

Substantial renovations and improvements in the business environment have generated great efficiency in the province’s investment attraction over recent times with an array of large projects.

According to its 2020 plan , Quang Ngai will strive to achieve some main targets, such as an industrial production value of approximately VND140.38 trillion; in which, the value of industrial production without petrochemical products reaches VND61.12 trillion (US$2.63 billion), a year-on-year increase of 74.5%. 

The industry and construction sector is expected to account for a 54-55% proportion of the province’s gross regional domestic product (GRDP). 

Quang Ngai also aims for US$1 billion worth of industrial goods exports this year, up 28.2% compared to 2019, while its import revenue of industrial products is hoped to hit US$1.24 billion, up 44.2%.

In order to achieve the aforementioned targets, the provincial People’s Committee has promulgated a scheme on supporting and developing small and medium-sized enterprises, in addition to exerting continuous efforts to improve the investment and business climate, effectively implementing the “businessman coffee” model on a monthly basis, and holding dialogue with enterprises to promptly address their difficulties.

Seeking for new export markets

Besides, local businesses are looking for new export markets. Many products manufactured in Quang Ngai have been effectively exported to major markets throughout the world.

In 2020, a series of large projects are expected come into operation, opening up prospects for the province’s export growth. Quang Ngai enterprises have now been strengthening the promotion of their products to new markets. 

The volume of goods exported to the United States, Japan and the Republic of Korea has recorded a sharp increase, especially leather and footwear, apparel, electronics, induction coils and mechanical items.

The signing of the European Union-Viet Nam Free Trade Agreement (EVFTA) will contribute to boosting the EU’s trade and investment cooperation with Viet Nam as a whole, QuangNgai in particular, opening up new opportunities for goods export in 2020 and the following years.

According to Chairman of the Quang Ngai provincial People’s Committee Tran Ngoc Cang, in its plan set for 2020, the agency will continue to renovate and improve the efficiency of trade promotion, in addition to searching and expanding markets to boost exports.

“Quang Ngai always accompanies and supports businesses. In particular, the province will support enterprises and the people to grasp and make the most of the advantages from the new-generation free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EVFTA,” Cang affirmed.

Quang Ngai province will actively promote investment; strengthen solutions to support investors to implement the project; step by step forming and developing supporting industries, industrial development based on the development of science and technology, high quality human resources, proactive international economic integration; effectively exploit resources for investment and development; create a solid foundation for Quang Ngai to become a modern industrial province soon./.