Party chief hails industry-trade sector as economic spearhead hinh anh 1Party General Secretary Nguyen Phu Trong speaks at the working session. (Source: VNA)

Hanoi (VNA) – Over the past 30 years of reform and integration, the industry and trade sector has become a spearhead economic sector, providing important momentum for national recovery and development, and helping Vietnam turn from a poor country into a middle-income nation, said the Party chief.

General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen Phu Trong made the remarks at a working session with leaders of the Ministry of Industry and Trade (MoIT) on the implementation of the Resolution of the 12th National Party Congress, as well as major tasks for the remaining months of 2018 and the years beyond. 

The industry, trade, and service sector currently contributes over 80 percent to the nation’s gross domestic product (GDP) and about 70 percent to the State budget collection, he said.

The Party leader said after the 12th National Party Congress in 2016, the industry and trade sector has faced a range of difficulties and challenges. However, the sector has made all-out efforts to complete its assigned tasks and make significant contributions to the country’s reform, integration, and socio-economic development, he stressed.

He asked the MoIT to thoroughly grasp the strategic policies and guidelines of the Party; keep a close watch on the domestic and international situation in order to actively integrate into the world; build on the socialist-oriented market economy; and well handle relations between the State, market, and society.

Minister of Industry and Trade Tran Tuan Anh reported that industrial production has fulfilled and exceeded the set targets, up from 7.4 percent in 2016 to 9.4 percent in 2017. The rate stood at 10.5 percent in the first half of this year.

Last year, Vietnam’s export turnover exceeded 200 billion USD for the first time, after the previous year came close with some 180 billion USD. The country ran a trade surplus of 2.7 billion USD in the first six months of this year, he said.

Regarding the organisational apparatus, Anh said the MoIT has cut 675 business conditions, removed 420 out of 720 goods codes subject to pre-clearance inspections, scrapped 183 out of 508 administrative procedures, and implemented 154 out of 298 online public services at levels three and four.

The MoIT has also built and submitted for approval 110 legal documents, completing all of its set targets, helping remove obstacles for businesses.

Besides this, the sector has worked hard to speed up capital divestment, equitisation, and rearrangement of State-owned enterprises practically and effectively, with the most noteworthy being the equitisation of Sai Gon Beer Alcohol Beverage Corporation (Sabeco), regaining 110 trillion VND (4.84 billion  USD) for the State budget, the minister said. -VNA