According to an action program approved in late October under a decision of the Ministry of Industry and Trade, Vietnam is expected to be among ASEAN’s top three countries in terms of industrial competitiveness by the end of this decade.

The program was outlined by the ministry for the implementation of the Government’s Action Program launched under its Resolution No.111/NQ-CP, dated July 22, 2024, to put into practice Resolution No.29-NQ/TW of the 13th Party Central Committee on further promoting the industrialization and modernization of the country until 2030, with a vision to 2045.

Under the ministry’s program, the industrial sector's share in GDP should exceed 40%, with the manufacturing and processing industry alone accounting for around 30% of GDP; the average value added in manufacturing and processing industries per capita is expected to reach over $2,000; and the proportion of labor in the industrial and service sectors is set to reach over 70%.

To achieve this goal, according to the ministry’s program, the country has to establish several large-scale industrial corporations and enterprises with international competitiveness in basic, priority and key industries. Additionally, the country will build and develop several domestic industrial clusters with international competitiveness, mastering some production value chains.

Meanwhile, top priority will also be given to developing export markets for industrial products, especially key ones by taking advantage of free trade agreements that Vietnam has signed, supporting exporters to overcome technical barriers in import markets and gradually fostering exports of processed industrial goods to new outlets.

Additionally, supporting industries in areas such as smart electronics, cars, textiles and garments, mechanical and automation, biotechnology and hi-tech industries will be facilitated along with applying import management measures by the commitments that Vietnam has made to support the development of important national industries.

Moreover, the country will also pay keen attention to perfecting the legal framework to develop other major industries including metallurgy, mechanical engineering, chemical, energy and digital technology, in addition to developing raw material areas for industrial sectors typically garment and footwear.