Prime Minister Nguyen Xuan Phuc speaks at the conference (Photo: Vietnamplus)


Hanoi (VNA) - Vietnam must become a factory of the world and foster a good investment environment for all economic sectors to develop production and boost growth, Prime Minister Nguyen Xuan Phuc has said.

Speaking at a conference to launch 2019 tasks of the industry and trade sector, Prime Minister Phuc said that after 30 years of renewal, the sector has seen impressive growth and has become a key contributor to the country’s development and improving people’s living conditions, contributing 80 percent of the gross domestic product (GDP).

He said the economy completed the targets set for 2018. Many areas saw high growth including import-export, trade surplus and consumption. The country’s economic achievements were contributed significantly by the industry and trade sector.

For example, the import-export turnover last year reached 245 billion USD, posting 13.8 percent year-on-year increase and far surpassing the targets set by the National Assembly and Government.

Notably, export turnover was higher in all markets, especially those with which Vietnam has free trade agreements (FTAs) and developed markets such as the Republic of Korea, Japan, the United States and the European Union.

Prime Minister Phuc noted that the industry still has shortcomings including a lack of initiatives in making strategies and plans. Some plans were implemented slowly, causing management problems.

He said the industrial sector’s development has not met industrialisation and modernisation requirements. Vietnam does not have an industrial sector that is capable of leading others, and linkage and collaboration between businesses have been limited. The implementation of free trade agreements has also not been effective yet, as the popularisation of these agreements to people and businesses remains limited.

The Government leader requested the ministry not to satisfy with gained achievements, but identify the challenges it faces and strive to become a leader in the country’s industrialisation cause as the country is moving into the Fourth Industrial Revolution.

“Whether Vietnam can become a dragon or not depends very much on the development of the industry and trade sector,” he emphasised.

Talking about the sector’s goals for 2019, the Prime Minister said science and technology would be of the utmost importance. The industrial sector was told to accelerate the process of equitisation, State capital divestment and restructuring of State-owned enterprises. It should also continue to resolve shortcomings at unfinished and ineffective projects.

“Turning opportunity into power, Vietnam must become a factory of the world and an investment attraction destination, and have a good environment for all economic sectors to have production and business development opportunities to make Vietnam develop more strongly,” Prime Minister Phuc noted.

Minister of Industry and Trade Tran Tuan Anh speaks at the conference (Photo: Vietnamplus)

Minister of Industry and Trade Tran Tuan Anh promised to strictly follow nine major tasks, including both short-term and long-term tasks, assigned by the Prime Minister to the ministry.

Answering the Government leader’s question about what the Ministry of Industry and Trade and the industry and trade sector have to do, Minister Anh said that the sector issued two action plans on January 4 to show the seriousness of the sector’s Party organisation, officials and staff members in implementing the Government’s Resolutions No.1 and No.2.

“The Ministry of Industry and Trade will strive to achieve the highest targets assigned by the Prime Minister for the sector. We promise to the Prime Minister and other leaders to turn directions into specific actions to meet the Prime Minister’s requirements,” Minister of Industry and Trade Tran Tuan Anh said.-VNA