Viet Nam targets to raise localization rate of key industries to 40-45% by 2030

Specifically, the average localization rate targets for key industries shall be as follows: 

(1) Electronics industry: 25–30 percent by 2030 and 35-40 percent by 2035;

(2) Mechanical engineering: 40 percent by 2030 and 50 percent by 2035;

(3) Automotive industry: 22–30 percent by 2030 and 32-40 percent by 2035;

(4) Textiles: 60 percent by 2030 and 70 percent by 2035;

(5) Leather and footwear: 60–65 percent by 2030 and 70-75 percent by 2035;

(6) High-tech industry: 15 percent by 2030 and 20 percent by 2035.

The Government also aims to boost Viet Nam's industrial competitiveness index to among top three countries in ASEAN by the end of this decade.

The development of the supporting industries aims to build domestic production capacity, enhance industrial self-reliance, and reduce dependence on imports of raw materials, components, spare parts, and input equipment, thereby contributing to the goal of double-digit economic growth.

The development of supporting industries must be closely linked to improving corporate capabilities within global and regional supply chains and value chains, with technical requirements, quality standards, and localization rates set by lead firms serving as the guiding orientation for supporting-industry development activities.

The development of supporting industries must be closely tied to technological innovation, digital transformation, and the pursuit of self-reliance and autonomy in science and technology, as well as sustainable development.

It also requires the promotion of automation, high technology, and digital transformation in production./.