Prime Minister Nguyen Xuan Phuc (Photo: VNA)Hanoi (VNA) – Promoting autonomy andself-reliance of the economy is an important development direction of theindustry and trade sector in the context of the country’s extensive andintensive integration, Prime Minister Nguyen Xuan Phuc has said.
He made the statement while attending a conference in Hanoion January 17 to implement the 2019 tasks of the Ministry of Industry and Trade(MoIT).
The ministry should seek ways to draw stronginvestment from both domestic groups and multinational corporations, and try toprevent a trade deficit in 2019, the PM said.
He requested that the ministry build a long-termprogramme to ensure national electricity supply not only at present but also beyond2020, 2025, and 2030.
The most important solution to ensure fulfilmentof the sector’s 2019 tasks is applying science-technology to increase labourproductivity, he said, adding that the ministry should accelerate therestructuring of its State businesses and continue addressing shortcomings inslow and ineffective projects.
The PM instructed the ministry to study,forecast, and make prompt responses to the global market’s fluctuations.
At the conference, the PM hailed the ministryfor making significant contributions to the national economic growth.Specifically, the industrial sector contributed 2.85 percent to the grossdomestic product (GDP) growth of 7.08 percent.
Vietnam’s Getting Electricity indicator leaped 37 places torank 27th globally and among the top in ASEAN, he noted.
The PM expressed his pleasure at the high tradesurplus in 2018, mainly in trade with developed markets. Besides, the role ofthe domestic market for production was also strengthened.
Another highlight is that the domestic market in2018 maintained a stable double-digit growth, he evaluated.
The ministry reported that the country’s exportsin 2018 reached 245 billion USD, representing a year-on-year rise of 13.8percent. Trade surplus hit a record 7.2 billion USD.
The index of industrial production (IIP) rose by10.2 percent, exceeding the yearly target of 9 percent. In particular, theprocessing and manufacturing sector recorded a high growth of 12.3 percent,affirming itself as the main driving force for the growth of the wholeindustrial sector and the country’s economy.
After two years of handling 12 delayed or lossmaking projects within the industry and trade sector, two projects have now resumedoperations after suspension due to loss, and two operating projects have graduallyturning profits, the ministry reported.–VNA
VNA
