BY 2030, THE AVERAGE GROWTH RATE OF THE CHEMICAL INDUSTRY WILL REACH 10 - 11%/YEAR
On June 16, 2022, the Prime Minister issues the Decision No. 726/QD-TTg approving the Strategy on Vietnam's chemical industry development through 2030, with a vision toward 2040.
Specifically, to strive that the average growth rate of the chemical industry will reach 10 - 11 % per year and the proportion of the chemical industry will account for around 4 - 5% of the whole industry by 2030; the average growth rate of the chemical industry will reach 7 - 8% per year and the proportion of the chemical industry will maintain around 4 - 5% of the whole industry by 2040.
By 2030, to maintain the level to meet domestic demand for fertilizers such as urea, phosphorus, NPK, crop protection products, tires, industrial gases, common paint - printing ink, detergents, common batteries, and develop the export markets. To strive that the average export growth rate will reach 9 - 11% per year during 2021 - 2030, and the average growth will reach 7.5 - 9% per year during 2030 - 2040.
For the achievement of the above objectives, the Ministry of Industry and Trade shall assume the prime responsibility for, and coordinate with ministries, branches, People’s Committees of provinces and centrally-run cities, and relevant agencies, in organizing the implementation of the Strategy; inspecting and evaluating the implementation of the Strategy and periodically reporting to the Prime Minister; formulating a scheme on investment promotion for constructing infrastructure of concentrated chemical industrial parks and investment projects in concentrated chemical industrial parks, and report it to the Prime Minister for approval; etc.
This Decision takes effect from the signing date.
