Gov't approves chemical industry development strategy till 2040

Accordingly, the chemical industry will be developed in a sustainable and eco-friendly manner towards green growth and circular economy.

Under the strategy, the chemical industry is expected to achieve annual average growth rate of 10-11 per cent by 2030 and 7-8 percent by 2040.

The sector is projected to account for around 4-5 percent of the country's industrial production over the span, and raise annual average export growth rate to 9-11 percent during 2021-2030 and 7.5-9 percent for 2030-2040 period.

By 2040, the strategy targets to increase supply of petroleum products for local consumption to 60 percent, active plant protection substances to 50 percent, basic chemicals to 80 percent, technical rubber to 50 percent and batteries to 50 percent.

The chemical industry will be divided into 10 sub-sectors including fertilizers, pesticides, pharmaceutical chemicals, petrochemicals, basic chemicals (including explosive precursors and industrial explosives), rubber products, electrochemistry, detergents, paint-printing ink and industrial gases.

(Source: VGP)