The industry and trade sector of Vietnam expects the index ofindustrial production (IIP) to grow to 6.3 percent this year as theworld economy recovers, though slowly, helping boost exports.
Restructuring will continue to be a priority this year, according to the Ministry of Industry and Trade (MoIT).
Industrial production showed signs of recovery in 2013, with the IIPincreasing by 5.9 percent and inventories decreasing. However, themacro-economy did not fully stabilise, consumers continued to budgetcarefully and free trade agreement negotiations remained unfinished. Inaddition, natural disasters and diseases presented a continued threat.
Deputy Minister of Industry and Trade Le Duong Quang said thatindustrial production of Vietnam was still dependent on the worldeconomy and thus vulnerable to global fluctuations.
He addedthat technology remained low-level and the support industries did notreceive adequate investment, meaning the country had to depend onimports for many raw materials.
Nguyen Tien Vy, MoIT’s Directorof Planning Department, said that the industry and trade sector wouldhasten restructuring, especially of State-owned enterprises, to enhanceefficiency and competitiveness.
He added that technology should play a bigger role in production and the localisation rate should be increased.
According to the Vietnam Chamber of Commerce (VCCI), 42.5 percent ofcompanies planned to expand business in 2014 while 50.7 percent wouldmaintain the size of their businesses.
This suggested thatenterprises felt a better business year was coming in 2014, said PhamThi Thu Hang, VCCI's General Secretary.
Hang suggestedenterprises improve their risk management capacity in order to takeadvantage of the Government's support policies.
Chairman of theVietnam Association of Mechanical Industry (VAMI) Nguyen Van Thu saidthat preferential capital sources should be made accessible toenterprises to help them boost production.-VNA
Restructuring will continue to be a priority this year, according to the Ministry of Industry and Trade (MoIT).
Industrial production showed signs of recovery in 2013, with the IIPincreasing by 5.9 percent and inventories decreasing. However, themacro-economy did not fully stabilise, consumers continued to budgetcarefully and free trade agreement negotiations remained unfinished. Inaddition, natural disasters and diseases presented a continued threat.
Deputy Minister of Industry and Trade Le Duong Quang said thatindustrial production of Vietnam was still dependent on the worldeconomy and thus vulnerable to global fluctuations.
He addedthat technology remained low-level and the support industries did notreceive adequate investment, meaning the country had to depend onimports for many raw materials.
Nguyen Tien Vy, MoIT’s Directorof Planning Department, said that the industry and trade sector wouldhasten restructuring, especially of State-owned enterprises, to enhanceefficiency and competitiveness.
He added that technology should play a bigger role in production and the localisation rate should be increased.
According to the Vietnam Chamber of Commerce (VCCI), 42.5 percent ofcompanies planned to expand business in 2014 while 50.7 percent wouldmaintain the size of their businesses.
This suggested thatenterprises felt a better business year was coming in 2014, said PhamThi Thu Hang, VCCI's General Secretary.
Hang suggestedenterprises improve their risk management capacity in order to takeadvantage of the Government's support policies.
Chairman of theVietnam Association of Mechanical Industry (VAMI) Nguyen Van Thu saidthat preferential capital sources should be made accessible toenterprises to help them boost production.-VNA
