The machinery industry needs investments of US$259 million in the next 15 years for its development, according to the Ministry of Industry and Trade.
Under a plan approved recently for the industry until 2015, it said the money will be sourced from the government, foreign direct investment, and elsewhere.
The industry is expected to achieve an annual turnover of around VND3.1 trillion (US$150 billion) by 2015 and VND8.5 trillion by 2025.
The plan focuses on investment in advanced technologies and environmentally-friendly materials.
Some of the key products the sector will focus on include equipment for the construction and transport sectors and for farming and health care.
The plan also envisages construction of plants for manufacturing machines in industrial parks around the country.
