Industry promotion projects attract reciprocal capital

Testing a national industry promotion project at the Viet Bac Development and Construction Investment Joint Stock Company in the city of Lang Son, Lang Son Province - photo: Duong Hoang

According to the Lang Son Provincial Department of Industry and Trade, from 2018 to 2022, the province implemented and tested 48 industry promotion projects with a total capital of more than VND38.2 billion, including VND7.76 billion worth of state funding and VND30 billion plus worth of reciprocal from project beneficiaries - enterprises and cooperatives.

Each dong of industry promotion funding has helped attract up to 3.9 dong of reciprocal capital from project beneficiaries, said Nguyen Trong Nghia, Deputy Director of the Lang Son Provincial Department of Industry and Trade.

Through industry promotion projects/programs, Lang Son has helped industrial producers innovate production lines, contributing to adding value to products and increasing production capacity and product quality, Nghia said. The province prioritized manufacturing and processing industries, in which it has advantages, and the creation of products using local raw materials, he added.

The department representative assessed that industry promotion projects/programs have efficiently helped the province’s socioeconomic development, and Lang Son’s industry and trade sector will further mobilize resources for industry promotion.

The province will disseminate industry promotion policies among a growing number of beneficiaries and potential beneficiaries, improve knowledge and skills for industry promotion officials and collaborators, and regularly survey rural production facilities to provide provincial authorities with practical proposals on industry promotion policy development.

The department’s deputy director has proposed that the Ministry of Industry and Trade and the Lang Son Provincial People’s Committee allocate additional funding for industry promotion, give priority to struggling areas, and expand businesses’ and cooperatives’ access to land.