Vietnam to spend $10.5 bln on developing electrical equipment

The Ministry of Industry and Trade has approved a VND180 trillion (US$10.5 billion) master plan to develop the production of electric equipment in the 2006-2015 period.

Under the plan, VND43 trillion ($2.5 billion) will be used for the 2006-2010 period and the rest for the sector’s development between 2011-2015.

The ministry targets an annual average growth rate of 19-20 percent in production value for the sector by 2010 and 17-18 percent between 2011- 2015.

The sector is expected to meet 60 percent of local demand for electric wires and transformer stations by 2010 and 70 percent by 2015.

It also plans to meet 55 percent of local demand for electric motors and common electric generators by the end of the plan period.

To facilitate the sector’s development, the ministry will apply several incentive policies including tariff exemptions and rebates and investment promotion campaigns.

VNA

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