HCM City (VNA) – Vietnam must move forward unless it wants to be saddled with the status of the “world’s factory”, heard a conference in Ho Chi Minh City on July 28.
The National Science Conference on Policies on Industrialisation and Modernisation of the Nation by 2030, with a Vision to 2045 was co-held by the Party Central Committee’s Economic Commission, HCM City Party Committee and the Vietnam National University HCM City (VNU-HCM).
In his opening remarks, VNU-HCM Director Assoc. Prof. Dr. Vu Hai Quan said that Vietnam has made major achievements during the Party-led industrialisation and modernisation era. The industry sector has contributed an increasing share to the economy, he said, adding that there has been a more substantial approach to promoting industrial restructuring in association with growth model innovation in Vietnam.
Industry has been the fastest growing sector in Vietnam, and contributed 28.5% to the economy in 2019 from 26.6% in 2011, he said.
Nguyen Xuan Thang, President of Ho Chi Minh National Academy of Politics, highlighted that industrialization and modernization have allow Vietnam to maintain relatively high GDP growth, transforming from an underdeveloped to a developing country.
However, Vietnam’s industrialization was mainly reliant on harnessing natural resources, capital intensity, and under-skilled workers, Thang said, noting that industrial production largely depends on assembly and use of imported machinery and input materials.
As a result, these factors have impacted on the environment, and national industrial capacity remained weak. If the situation continues, Vietnam will eventually fall into the trap of being an assembly manufacturer and involved in only low value chains.
Speakers agreed that the national industrialization and modernization strategy from 2021 – 2030, with a vision to 2045, must stay relevant to the changing situation both domestically and internationally.
Speaking at the event, Chairman of the Central Economic Commission Tran Tuan Anh underscored that science, technology and innovation act as the main engine driving national industrialization and modernization. Coupled with skilled human resources, they are breakthrough factors for the acceleration of the process, he noted.
It is critical to improve the regulatory framework and develop exclusive policies and mechanisms to boost technology use and transfer and innovation, he emphasised.
Vietnam must reduce independence on foreign resources while enhancing internal strengths, mastering core and digital technologies, and strengthening its resilience, he added./.
Up to 85% of enterprises in the processing-manufacturing and construction sectors expected better and stable business situation in the third quarter of this year, while only 15% predicted that the situation may be tougher, according to a survey conducted by the General Statistics Office (GSO).
Vietnam’s process manufacturing sector has to date attracted 252 billion USD in foreign direct investment (FDI), accounting for nearly 60% of the total foreign capital poured into the Southeast Asian country.
Up to 85% of firms have an optimistic outlook for the business environment in Q4, whereas 15% are pessimistic about the future, according to a survey conducted by the General Statistics Office (GSO).
FDI disbursement in Vietnam reached 11.57 billion USD in the first seven months of this year, up 10.2% compared to the same period last year and over 1.3 percentage point against the first half of this year.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Illustrative image (Photo: VNA) 
