National success in industrial production has led Vietnamese companies to increasingly stand out in sectors such as automotive, food, and metallurgy.
In these fields, several national private industrial groups with good potential to operate in the field of manufacturing and processing have been formed and developed.
In addition, Vinamilk and TH stand out in the milk and food production and processing sectors.
In the iron and steel sector, there are Hoa Sen Group, Hoa Phat Group, Hoa Binh Minh Company Limited, Pomina Steel Company and Nam Kim Steel Joint Stock Company.
By implementing the Vietnam Industrial Development Strategy until 2025, with a vision for 2035, Vietnam’s industry has achieved a number of remarkable goals, significantly contributing to the process of industrialization and modernization, according to the Vietnamese government.
On average, in the period 2016-2019, Vietnam’s industry represents more than 30% of the country’s GDP.
Industry is also the largest contributor to the state budget.
The structure of industries has had positive changes, increasing the proportion of processing and manufacturing industries and reducing the proportion of the mining industry.
Some industries have had a strong development, especially electronics, textiles, leather-footwear and food processing, while the proportion of companies with high technology and medium technology is increasing.
As a consequence, the industry has become the main export engine with a high growth rate.
There has also been a positive change in the structure of industrial export products.
In the period 2006-2016, the export turnover of industrial products increased by almost 3.5 times, representing 90% of the country’s total export turnover.
Many industrial products, such as leather, footwear, textiles, and electronics, ranked highly in terms of export compared to the region and the world.
A number of Vietnam companies and domestic private industrial groups have been formed and developed with large scale and competitiveness in domestic and international markets.