Industry Minister Hoang Trung Hai has opined that Vietnam's industrial competitiveness lags behind that of other regional economies as far as production efficiency, managing capacity, labour productivity and technology are concerned.
Local industrial businesses are mostly medium sized or small scale enterprises which don't have enough money to adopt modern technologies.
About 76 percent of the country's export revenue is generated by industrial sector, with major exports comprising textiles, apparel, footwear and crude oil which have many plus-points. These benefits, contributed by factors like supply of raw materials and cheap labour, could decrease in future.
For attracting better investment in production and enhancing trade, Government needs to make plans which facilitate growth of these enterprises. It should restructure more domestic ventures.
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