Spearhead sectors bounce back to turn Vietnam into a giant exporter

Hoa Phat company's steel manufacturing chain (Photo: Vietnam Plus)

Hanoi (VNA) - 2018 is seen as a successful year to the industry and trade sector as all set targets have been realised. Notably, exports continued remaining a rise of 13.8 percent worth 244.7 billion USD, securing 29 items with export turnover of over one billion USD.

With the mentioned above results, Vietnam has become the world’s giant exporter and actively contributed to the implementation of high economic growth target in connection with macro stability and inflation control over the past years.

On the threshold of the Lunar New Year 2019, Minister Tran Tuan Anh told reporters about solutions that the industry and trade sector has taken into account in implementing “breakthrough” tasks assigned by the Prime Minister in an attempt to fulfilling national socio-economic targets this year.

Q: First of all, please talk about economic growth outcomes of 2018, Minister.

Minister Tran Tuan Anh: We have witnessed a year full of enormous endeavours of the whole political apparatus, especially the Government’s leadership and steering. The digit 7.08 percent of GDP growth surpassed the set target earlier 2018.

High economic growth in conjunction with stable growths of exports and industries of processing, manufacturing have contributed to realising the set targets.

Especially, processing and manufacturing industries was a highlight, helping propel growths of industrial production indices, contributing to GDP growth.

Minister of Industry and Trade Tran Tuan Anh (Photo: Vietnam Plus)

Q: The Government has set a target of 6.9-7 percent in 2019 for GDP growth with processing, manufacturing and services being defined as main driving forces. So what are the solutions that the industry and trade sector has put forth to meet that end?

Minister Tran Tuan Anh: That was tremendous endeavour of the Government in continuing improving investment business environment, removing difficulties for each product and commodity sector, particularly in processing and manufacturing.

It was policies and concrete measures in economic and industrial sectors’ restructuring, which have obtained positive initial outcomes.

Q: 2018 marks the third consecutive year of trade surplus. So what are your point of views on the outcome and what are the Ministry of Industry and Trade’s responsibilities in strengthening commodity exports and expanding export markets?

Minister Tran Tuan Anh: The outcome was attributed by huge efforts of the industry and trade sector in the manipulation of export-import.

With the 13.8 percent export growth in 2018, Vietnam has become a big exporter of the world, especially given the sluggish world trade.

In 2018, exports gained high growth. Trade deficit was also kept under control and trade surplus hit 7.2 billion USD.

The digits are not simple as it is, but the joint endeavour of the whole political apparatus. This creates larger momentums, propelling Vietnam’s economic growth in the next periods.

Particularly, up to 29 items obtained export turnover of over one billion USD, of which five items with export turnover of over 10 billion USD.

I believe that with this momentum, our products and commodity sectors can improve their capacity as well as expand international markets, especially in the context where new generation free trade agreements signed and came into effect, have been creating favourable conditions for us.

Q: Regarding domestic trade, what are the Ministry’s orientations?

Minister Tran Tuan Anh: With a market of nearly 97 million people, we have seen the diverse development of economic sectors in improving and perfecting trade infrastructure system, contributing to enhancing the stronger and more stable connectivity in supply chain in to bid to develop domestic trade market.

Another thing is big inflow of domestic and foreign investment so that inbound retail sale distribution can grow both in scale and depth.

Q: With tasks set out for 2019, what are the solutions that the Ministry and Trade pays focus on to reach set targets?

Minister Tran Tuan Anh: The first target of 2019 is implementing action programmes in accordance with the Government’s resolution on solutions to ensuring socio-economic development and state budget collection in 2019.

The Ministry will go in line with targets approved by the National Assembly in 2019 in order to map out concrete plans, even growth scenarios for each sector in each period.

In addition to long-term solutions, we also map out urgent measures in case of complicated and rapid developments.

With a population of 97 million people, local market has seen the development of different economic sectors (Photo: Vietnam Plus)

Q: What do you expect for the growth of sectors under the Ministry’s control in 2019?

Minister Tran Tuan Anh: I believe that with such positive outcomes, 2019 will be a year with many favourable conditions.

New mechanisms will be designated, matching sustainable trade development strategy or strategy on restructuring and renovating economic growth models.

All have been clearly defined and concretised in action plans for each year, each period.

With our experiences in international economic integration, I believe that targets of socio-economic growth in general and the industry and trade sector in particular will be achievable.

Thank you so much, Minister./.