Positive industrial and commercial production results
Reporting on the industrial and commercial production situation in the first 6 months of 2024, Mr. Bui Huy Son - Director of the Department of Planning and Finance, Ministry of Industry and Trade said, Although the domestic and international situation had many difficulties and challenges in the first 6 months of 2024, the industry and trade sector overcame difficulties to recover and exceed the plan on most of the assigned targets. Thereby contributing to macroeconomic stability, consolidating and stabilizing important growth foundations of the economy such as industrial production, import and export and the domestic market; contributing to building business confidence, stabilizing people's lives.
Mr. Bui Huy Son - Director of Planning and Finance Department
Also according to Mr. Bui Huy Son, in the first 6 months of 2024, in order to carry out the assigned tasks, the Ministry of Industry and Trade has developed Action Plans and Programs to urgently and drastically implement the key tasks and solutions set out; closely follow the fluctuations of the world and domestic economy to be flexible in direction and administration; promptly remove difficulties and obstacles for businesses and people to unleash all resources for development.
Thanks to that, continuing the recovery momentum from the end of 2023, industrial production in the first 6 months of 2024 continued to flourish with the industrial production index (IIP) of the whole industry estimated to increase by 7.1% over the same period last year (the same period in 2023 decreased by 1.2%; 2022 increased by 8.4%, 2021 increased by 9.0%). The recovery of industry was thanks to the great contribution of the processing and manufacturing industry with the 6-month IIP increasing by 7.8% (the same period in 2023 decreased by 1.6%) and the electricity, gas, hot water, steam and air conditioning production and distribution industry, increasing by 12.9% (the same period in 2023 increased by 1.5%).
Industrial production grew in 55/63 localities with increased industrial production index. In the first 5 months of 2024, some localities had a fairly high IIP index due to the high growth of the processing and manufacturing industry compared to the same period last year.
Notably, according to the report of the Department of Planning and Finance, exports recovered strongly in the first half of the year. Export turnover in the first 6 months is estimated at 188.97 billion USD, up 13.8% over the same period last year (the same period in 2023 decreased by 11.3%). Exports increased in economic sectors and increased sharply in the group of domestic enterprises (5 months reached 43.69 billion USD, up 20.5%, accounting for 27.9% of total export turnover); foreign-invested sector (including crude oil - 5 months estimated at 113.08 billion USD, up 13.3%, accounting for 72.1%).
Exports of the key group, the manufacturing and processing industry, are estimated at 159.92 billion USD, accounting for 84.63% of total export turnover and increasing by 13.8% over the same period in 2023 (the same period decreased by 12.6%) with many product groups increasing sharply in the first 5 months of the year such as: Cameras, camcorders and components increased by 61.2%; computers, electronic products and components increased by 33.4%; plastic products increased by 29.6%; wood and wood products increased by 23.5%.
Agricultural products continue to be a bright spot in terms of export growth, increasing by 18.8% over the same period in 2023 (decreased by 2.3% in the same period), with total export turnover estimated at 18.21 billion USD in the first 6 months of 2024. Some agricultural products increased sharply in the first 5 months of the year such as: coffee increased by 43.9%; rice increased by 38.2%; tea of all kinds increased by 20.1%; vegetables and fruits increased by 28.2%; cashew nuts increased by 19.3%; pepper increased by 19.7%; cassava and cassava products increased by 19.2%.
The basic export markets have recovered well and achieved high growth in the first 5 months of 2024, notably the following markets: the United States (estimated at 43.98 billion USD, accounting for 28% of total export turnover and increasing by 21% over the same period last year), China (estimated at 22.65 billion USD, up 10.2%), EU (estimated at 20.69 billion USD, up 16.1%), South Korea (estimated at 10.4 billion USD, up 12.8%).
In the first 6 months of the year, the total import-export turnover of goods was estimated at 369.59 billion USD, up 16.03% over the same period last year. The trade balance of goods continued to have a surplus with an estimated trade surplus of 8.4 billion USD (the same period last year had a trade surplus of 13.4 billion USD), mainly due to the contribution of the foreign-invested sector, including crude oil.
In the domestic market, strong and stable growth in consumption of goods at high levels for commodity groups shows that people's real income has improved due to economic recovery. In the first 6 months of 2024, total retail sales of goods are estimated at VND 2,406 trillion, accounting for 77.48% of total retail sales of goods and service revenue, up 6.9% over the same period last year (same period increased by 3.8%).
Despite positive results in the first 6 months of the year, according to the report of the Ministry of Industry and Trade, industrial production has not recovered evenly. At the same time, energy production and supply activities, especially electricity and gasoline, still face many potential difficulties due to fluctuations in gasoline prices in the domestic and international markets; unstable weather and hydrological conditions affect electricity supply and demand.
In addition, import and export activities have grown well but still face many challenges. That is, the increase in exports is contributed by the increase in prices (especially agricultural products, energy) and the increase in transportation costs (due to the impact of political conflicts) and the appreciation of the dollar; imports and exports continue to depend on a number of markets, goods and FDI sectors; some export items of some key export items of Vietnam to major markets such as the EU, the US... continue to face pressure from trade defense investigations, technical barriers related to the environment, sustainable development, green transformation.
Not to mention, the domestic market has basically recovered but still faces pressure from price increases, inflation and counterfeit and poor quality goods. From April 15, 2023 to May 14, 2024, the Market Management force nationwide simultaneously launched inspections of 7,352 cases, detected and handled 4,934 violations; collected over 57 billion VND for the budget.
In the second half of the year, the Ministry of Industry and Trade assessed that import and export activities had many advantages when the existing free trade agreements (FTAs) with partners/markets continued to have a positive impact, maintaining Vietnam's advantages in trade and investment activities. However, the global economy is entering a new period with many risks and challenges and unpredictability, increasing competition in Vietnam's export markets... Therefore, to complete the planned tasks in the last 6 months of the year and the whole year of 2024, the Industry and Trade sector continues to focus on synchronously and effectively implementing the assigned tasks in Resolution 01, Resolution 02 and the Work Program of the Government, Prime Minister, and the Program for building legal documents in 2024, focusing on 3 groups of tasks and solutions. First, continue to perfect the policy and legal institutions. Second, deploy solutions to unblock production, develop stable supply sources for export and domestic market; ensure energy security. Third, focus on market solutions, promote export and domestic consumption; effectively control import and quality of goods circulating on the market.
Answering many press concerns
At the meeting, many questions from reporters related to the management of the Industry were answered. Regarding the question related to the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by Vietnam, Deputy Director of the Multilateral Trade Policy Department Pham Quynh Mai said that according to data from the Ministry of Industry and Trade, in recent times, Vietnam's trade growth with new member countries of the CPTPP has achieved high growth. At the same time, she emphasized that this is a new generation free trade agreement, including commitments in areas that Vietnam has never committed to before, such as: government procurement, commitments in the field of services and sustainable development trade... When the CPTPP came into effect, with the chairmanship of the Ministry of Industry and Trade and through coordination with ministries, branches, and functional agencies, they urged ministries and branches to develop many legal documents to implement the CPTPP. Accordingly, up to now, ministries and branches have issued more than 20 legal documents to implement the commitments of this agreement and have also been highly appreciated by members for Vietnam's serious implementation of CPTPP commitments.
Adding more on this issue, Deputy Minister Nguyen Sinh Nhat Tan said that CPTPP is a new generation agreement, with the highest and newest level of openness, so the agreement has strong appeal and many countries are applying to join CPTPP. However, the Deputy Minister also noted that taking advantage of the advantages in the agreement must come from the subjects, in which the Ministry of Industry and Trade coordinates with other ministries and branches to be responsible for propaganda work; next is the responsibility of localities, each region will have its own opportunities and needs to grasp to exploit those advantages.
In response to the reporter's question about the recent increase in sea freight rates, Mr. Tran Quoc Toan - Deputy Director of the Import-Export Department informed that the increase in freight rates has been going on for a long time, and the Ministry of Industry and Trade has implemented activities and solutions to overcome it. Specifically, the Ministry of Industry and Trade has coordinated with the agency in charge of researching the increase in freight rates, promptly coordinated to propose appropriate solutions, held seminars, and provided information to spread to businesses to be proactive in import-export activities. At the same time, the Ministry also coordinated with the Ministry of Finance and the Logistics Association to discuss timely handling measures. In the coming time, the Import-Export Department will advise the leaders of the Ministry of Industry and Trade to submit to the Government a draft decision of the Government on the Vietnam Logistics Development Strategy for the period 2025-2035, with a vision to 2045, with the aim of creating stability and unity in this field.
Answering reporters' questions about the timing of electricity price increases, Deputy Minister Nguyen Sinh Nhat Tan said that previously, the policy basis for considering electricity price adjustments was Decision No. 24/2017 of the Prime Minister, but recently, the Prime Minister issued Decision No. 5/2024/QD-TTg regulating the mechanism for adjusting average retail electricity prices and has come into effect. Based on the content stated in Decision 05, Deputy Minister Nguyen Sinh Nhat Tan said that if there is enough basis and factors to reduce electricity prices when input costs decrease by 1%, they will have to be reduced immediately. As for price increases, they can only be increased when input costs cause electricity prices to increase by 3%, 5% or higher, which will be considered and adjusted by each competent authority and every 3-month cycle.
Regarding the issue of electricity supply, Deputy Director of the Electricity Regulatory Authority Nguyen The Huu said that in the long term, to ensure electricity supply for production and daily life, the Electricity and Renewable Energy Authority, under the direct direction of the Minister, has developed a direct electricity purchase and sale mechanism DPPA and submitted it to the Government. In addition, the Authority will continue to complete Circulars on grid price frameworks, waste, biomass, etc. to complete the legal basis for developing electricity sources for production and daily life in the coming time.
The press accompanies the industry and trade sector in carrying out common tasks.
In the second half of the year, the leaders of the Ministry of Industry and Trade said that import-export activities have many advantages when the existing free trade agreements (FTAs) with partners/markets continue to have a positive impact, maintaining Vietnam's advantages in trade and investment activities. However, the global economy is entering a new period with many risks and challenges and unpredictability, increasing competition in Vietnam's export markets... Therefore, to complete the planned tasks in the last 6 months of the year and the whole year of 2024, the Industry and Trade sector continues to focus on synchronously and effectively implementing the assigned tasks in Resolution 01, Resolution 02 and the Work Program of the Government, Prime Minister, and the Program for building legal documents in 2024 with a focus on 3 groups of tasks and solutions. First, continue to perfect the policy and legal institutions. Second, deploy solutions to unblock production, develop stable supply sources for export and domestic market; ensure energy security. Third, focus on market solutions, promote export and domestic consumption; effectively control import and quality of goods circulating on the market.
Also at the meeting, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan expressed his thanks and congratulations to the officials, leaders, journalists, reporters, collaborators, staff working at press agencies, magazines, the Industry and Trade sector and reporters from newspapers and radio stations who have always accompanied the Industry and Trade sector in the past time, contributing to helping the Industry and Trade sector and the Ministry of Industry and Trade complete the assigned goals and tasks.
Journalist Vu Minh Huong – Head of News Department of National Assembly Television
Journalists and reporters have openly and frankly shared about the communication coordination work of the Ministry of Industry and Trade with press agencies in the past time. Journalist Nguyen Xuan Hong, Head of the Editorial Secretariat of the Government Electronic Newspaper and journalist Vu Minh Huong - Head of the News Department of the National Assembly Television said that information from the Industry and Trade sector is always one of the hot topics that receives the attention of many reporters and journalists. The Office of the Ministry of Industry and Trade as well as functional units in the Ministry have regularly and promptly answered questions surrounding hot issues such as gasoline, electricity, etc. At the same time, they hope that in the coming time, the Ministry of Industry and Trade will create more favorable conditions for reporters and journalists in information and propaganda work.
Editor Nguyen Tien Anh - News Department (VTV1), Vietnam Television
Agreeing with these opinions, Editor Nguyen Tien Anh - News Department (VTV1), Vietnam Television commented that the Ministry of Industry and Trade is a multi-sectoral management agency - with many important, complex, and sensitive fields, information related to the Industry is of great interest to the public. At the same time, he highly appreciated the information coordination between the Ministry of Industry and Trade and Vietnam Television in the past time, thereby improving the quality and effectiveness of communication work for the implementation of socio-economic development plans and projects of the Industry and Trade sector. In addition, Editor Tien Anh hopes that the coordination will be better and better, so that information related to the Industry and Trade sector is always updated quickly - promptly - accurately - to help the Government's operations and the management of the Ministry of Industry and Trade better.
Acknowledging the opinions of journalists and reporters, Deputy Minister Nguyen Sinh Nhat Tan emphasized that in recent times, the press has played a good role in highlighting typical examples to help emulation movements and production and business become known and replicated. On the other hand, the press and media also help the Industry and Trade sector in discovering issues and contents that need to be evaluated and considered in order to come up with appropriate solutions, contributing to promoting and developing the Industry and Trade sector. Deputy Minister Nguyen Sinh Nhat Tan also shared that in the coming time, the tasks of the Industry and Trade sector are quite heavy, therefore, the Ministry of Industry and Trade hopes to continue to receive the support and sharing of the press agencies to achieve the results assigned by the Government and the National Assembly.
On this occasion, on behalf of the Party Committee and leaders of the Ministry of Industry and Trade, Deputy Minister Nguyen Sinh Nhat Tan awarded certificates of merit from the Minister of Industry and Trade to press agencies, reporters and journalists who have made many contributions to the communication work of the Ministry of Industry and Trade in 2023, contributing to the cause of building and developing the industry and trade sector of Vietnam.
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