Illustrative image (Photo: VNA) Minister Nguyen Hong Dien said the sector had made significant progress despitenumerous difficulties and challenges including complicated geo-politicaldevelopments around the world, rising trade protectionism, disrupted supplychains in the aftermath of a global pandemic and tightened monetary policies bymajor central banks.
"In order to better respond to and mitigate the damage caused to Vietnam'seconomy our ministry has been working closely with other governmental agencies,local authorities, business leaders and experts to strengthen the country'sdomestic supply networks and diversify our export markets," he said.
Deputy Minister of Industry and Trade Tran Quoc Khanh said this year's 9%growth reflected the sector's resilience and ability to adapt to thepost-pandemic global economy.
In addition, the sector had stayed on the right course with a growing portionof high-tech, manufacturing/processing industries and a shrinking portion ofnatural resource extraction-based industries.
Export of manufactured and processed goods maintained good momentum to grow by86% this year, compared to 85.5% the previous year.
This year, manufacturing and processing, which reported growth of 9.5%, continuedto be the main driver for the entire sector, contributing 86% to the country'stotal export despite difficulties to secure orders in major industries such asfootwear, textile, furniture and electronics.
Major shortcomings such as being overly reliant on imports of raw material,sub-par productivity and efficiency, however, continued to plague itsdevelopment
Dien said the sector's targets for nextyear would include keeping a growth rate at 8-9%, bringingmanufacturing/processing industries' share of total GDP to over 25%, increasingtotal import/export turnover by 6% and maintaining a trade surplus.
The continuation of sectoral restructuring which encourages industries thatemploy digitalisation, the application of advanced science and technology, aswell as addressing numerous challenges faced by the sector would be among theministry's top priorities for 2023.
Others would include greater integration into the global supply chain and theglobal economy, the development of the domestic capacity to provide rawmaterials for industrial production, focus on the auto industry and energy supply.
Regarding the recent fuel shortage and fuel trader's grievances over risingcosts and declining profits, the MoIT's leaders said the ministry was to keep aclose watch on developments in the global oil market and measures were to betaken to improve the management of domestic fuel trading activities./.
VNA
