Industry Vietnam 2005-2014: Status, Issues and Development Orientation

Although with a low starting point, Vietnam’s industry has achieved positive results with the average growth rate of over 10% per year, a positive contribution to the economic- social development in Vietnam. However, from 2010 to now, the average growth rate of industrial output value has declined. In fact, growth of industry that bases on outsourcing (outputs of manufacturing based on mainly inputs from foreign markets) has lasted for many years. This has clearly revealed the inefficiency and lack of sustainability of the domestic industry. Vietnam's industry is currently characterized by the industries belong to first generation, including industrial products that using more labor, unskilled labor and the products of industry that base on outsourcing). The imbalance in industrial structure of Vietnam is one of the problems noted in the recent years. This is reflected in the lack of supporting industries to manufacture capital goods and industries have high scientific content. In addition, development of industries still has spread over country, lack of key industries to make tower cranes for the development of whole industry. Therefore, in order to become a developed industrial country with over 80 million inhabitants, Vietnam’s industry require to have an accelerated development strategy and reasonable implement policy.