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Vietnam: Domestic building equipment sector to get $355m injection
Viet Nam would invest US$355 million in the building equipment sector with the aim of producing advanced level equipment by 2020.
Under the Ministry of Industry and Trade's plan to develop the industry by 2020 with a vision to 2025, the country would enhance the production of building equipment to serve domestic demand, gradually replacing imported products and eventually exporting its own.
Do Huu Hao, chairman of the Viet Nam Mechanics Association told the Saigon Times that domestically produced building equipment met 15 per cent of total demand.
Hao said Viet Nam had been able to produce concrete mixers for the sector, but the majority were imported.
He added that because of this, construction enterprises remained passive, pushing building costs higher.
The plan would focus on key products such as cranes to service multiple industries and cement related equipment.
The ministry would invest around $50 million in a bulldozer plant in the southern province of Dong Nai's Long Thanh District with annual capacity of 255 units, and a plant to produce self-propelled cranes with annual capacity of 40 units in the northern province of Hung Yen.
There are also plans to build heavy mechanics plants in Hai Phong City and Quang Ninh Province, and four plants to produce electric motors, hydraulic equipment, ball-bearings and brakes in northern provinces.
vietnamnews
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