Quang Binh focuses investment in advantageous areas

The funding for industry promotion has supported many rural industrial enterprises in Quang Binh to develop their businesses

The industry promotion funding and policies have effectively impacted the constant development of rural industrial establishments in the province, contributing to improving the production and economic efficiency. After getting the support fund, Quang Binh’s rural industrial establishments have developed in both scale and product quality, creating jobs for workers, contributing to the overall development of the industry and trade sector of the province.

Despite the initial certain success, the implementation of industry promotion projects in the province has also shown limitations. For example, Quang Binh has not formed a specialized network of industry promotion collaborators at the commune and district levels, resulting in difficulties in planning and implementation of the projects. Many beneficiaries have yet to get access to information about the contents of industry promotion projects as well as the respective support funding.

Furthermore, Quang Binh Province has not mobilized capital resources from the private sector or others in the society apart from the state budget support funding and reciprocal capital from the beneficiaries. Next, most of the rural industrial establishments, enterprises or production households in the province are of small- and medium-sized or they are micro-sized enterprises, while the support funding remains modest and, therefore, are not attractive to them to join in the industry promotion projects. These rural industrial establishments are still mostly engaged in raw processing, do not have sufficient resources to invest in intensive processing to increase the added value of products.

With such limitations, Minh proposed that the MoIT recommend adjustments and complete the legal framework on industry promotion to suit the practical situation, giving priorities to early allocation of state funding to industry promotion projects.

As for support for Quang Binh Province, he also asked for increased state funding for the province’s industry promotion tasks, and mobilization of social resources to participate in industrial and handicraft production.