Business

Industrial, trade growth trend sustained despite COVID-19: official

Industrial and trading activities of Vietnam have sustained their growth trend although the COVID-19 resurgence has hit some provinces and cities with large industrial parks, Deputy Minister of Industry and Trade Do Thang Hai said on June 17.
Industrial, trade growth trend sustained despite COVID-19: official ảnh 1Workers process fish for export at a factory in Tac Cau Fishery Port Industrial Park in Chau Thanh district, Kien Giang province (Photo: VNA)
Hanoi (VNA) –Industrial and trading activities of Vietnam have sustained their growthtrend although the COVID-19 resurgence has hit some provinces and cities withlarge industrial parks, Deputy Minister of Industry and Trade Do Thang Hai saidon June 17.

Speaking at the ministry’sregular press meeting for the second quarter, he added exports have maintained highyear-on-year growth, which is relatively sustainable thanks to the even growthin shipments of all the important commodities such as electronics,textile-garment, footwear, machinery, and farm produce, and to major markets likethe US, China, the EU, the Republic of Korea, Japan, and ASEAN.

Regarding problems in industrial and trading activities,Hai said COVID-19 outbreaks in large industrial parks have had certainimpacts on industrial production growth as well as supply chains.

Besides, the import of production materials accounts for a “verybig” proportion, about 90 percent, thus pushing up the import value and affectingthe trade balance.

Lockdowns or social distancing measures driven by coronavirusoutbreaks in some localities have also eroded consumption demand, especially fornon-essential goods, which has influenced retail sales, according to theofficial.

So far, he said, industries and trade have basicallydeveloped as planned, with total retail sales achieving about 38 percent ofthis year’s target and exports over 44 percent.

The increase in index of industrial production is currentlyhigher than expected, rising by 9.9 percent in the first five months comparedto the targeted 8 percent. The figure is forecast to maintain at some 9 percentin the first half of 2021, compared to the 8-percent target for the whole year.

Exports are set to increase byabout 21.7 percent while total retail sales and service revenue 7.1 percent duringJanuary - June, compared to the year’s respective targets of 4 - 5 percent and8 percent.

The industry and trade sector will keep making efforts toachieve its growth targets as well as those of the country, the Deputy Ministersaid.

Particularly, the ministry will continue workingto promote overseas shipments, diversify both export and import markets, optimiseopportunities generated by free trade agreements, and remove barriers to enternew markets./.
VNA
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