The Government Electronic Information Portal voted for 10 outstanding milestones of Vietnam in 2024, including many highlights about the Industry and Trade sector.
On December 31, 2024, the Government Electronic Information Portal voted on 10 outstanding imprints of Vietnam in 2024, including special, breakthrough, and revolutionary imprints.
10 specific milestones: Perfecting key leadership positions of the Party and State; economic growth exceeding forecasts, aiming for double digits; building and perfecting institutions worthy of the “breakthrough of breakthroughs”; breakthroughs in building strategic infrastructure; revolution in streamlining the apparatus of the political system; promoting innovation, digital transformation and developing the semiconductor industry; foreign affairs affirming the country's position and prestige, paving the way for economic development; national defense and security potential being consolidated and strongly enhanced; cultural industry having breakthrough developments; ensuring social security, responding to and overcoming the consequences of storm No. 3 promptly, effectively and comprehensively.
In the 10 milestones mentioned above, the Government Electronic Information Portal mentioned the highlights of the Industry and Trade sector; at the same time, reviewed the achievements and results that the Industry and Trade sector has strived to achieve in 2024.
Total import-export turnover reached 810 billion USD, spectacular growth
In the second highlight of “Economic growth exceeding forecasts, aiming for double digits”, the Government Electronic Information Portal wrote: “... our country has achieved and exceeded all 15/15 socio-economic targets, many new records have been set... The economic growth rate for the whole year is estimated to reach over 7%, exceeding the target set by the National Assembly (6 - 6.5%), among the few countries with high growth in the region and the world. The labor productivity growth target exceeded the set plan for the first time, after 3 years of not achieving it completely.
The macro economy continues to be stable, inflation is controlled below 4%, major balances are ensured and there is a large surplus. Total import-export turnover is estimated to reach a record level of more than 810 billion USD... The national brand value reaches 507 billion USD, ranking 32/193 countries" .
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| In 2024, total import-export turnover is estimated to reach a record of more than 810 billion USD. This is a very impressive result in international trade activities last year. Photo: Hung Duong |
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Minister Nguyen Hong Dien and the Ministry of Industry and Trade delegation inspected Kim Thanh International Border Gate, Lao Cai on August 30, 2024. The spectacular growth of import-export activities has greatly supported the economy. Photo: Can Dung |
In this milestone, the results of trade and import-export in 2024 were highlighted by " Total import-export turnover is estimated to reach a record level of more than 810 billion USD". This is a very impressive result in Vietnam's international trade activities last year, when the global economic context continues to face challenges from weak growth and the risk of high inflation continues to affect macroeconomic stability and growth prospects of our country's highly open economy.
The spectacular growth of import-export activities has greatly supported the economy. Because in 2024, industrial production recovered strongly, growing spectacularly by over 8.0% compared to the previous year, exceeding the assigned plan and much higher than the growth rate of 2.3% of the previous year. In particular, the processing and manufacturing industry increased by nearly 10%, more than 3 times higher than the growth rate of the previous year, affirming its important role as a pillar, leading the growth of the economy.
The number of jobs in the industrial, processing and manufacturing sectors increases, import and export activities of enterprises increase and thereby support domestic processing and manufacturing activities.
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| High economic growth has also partly reinforced the overall increase in Vietnam's brand value. In the photo, Prime Minister Pham Minh Chinh and Minister of Industry and Trade Nguyen Hong Dien award commemorative medals to enterprises whose products achieve national brands in 2024. Photo: Can Dung |
Not only that, in the second highlight of 2024, the Government Electronic Information Portal also mentioned the content: " National brand value reached 507 billion USD, ranked 32/193 countries" . This result was achieved thanks to the fact that last year, leaders of the Party, State, Government, Ministries, branches, localities... directly went to countries, nations, and territories to promote the image of a dynamic Vietnam, with good human resources, participating more deeply in the global value chain with a potential domestic market.
Not only that, high economic growth has also partly reinforced the overall increase in Vietnamese brand value; the level of recognition of Vietnamese brands is increasingly improved.
In addition, the Government Portal also mentioned that "Backlogged and prolonged projects have been basically resolved, including many projects with a total investment of billions of USD. The Politburo has reported and proposed to agree on a plan to handle all 12 slow-progressing, ineffective, prolonged projects and some profitable projects. Actively handle weak credit institutions; complete the mandatory transfer of 2 commercial banks under special control" and said that the economic achievements in 2024 have created momentum and force to move towards the growth target of at least 8%, striving for double-digit growth in 2025 and the coming decades.
Institutional and strategic infrastructure breakthroughs
At the third highlight with the theme: “ Building and perfecting institutions worthy of the “breakthrough of breakthroughs” , the Government Electronic Information Portal wrote: “ In 2024, the National Assembly passed 31 laws, most of which were submitted by the Government, more than the total number of laws (30 laws) issued in the first 3 years of the term. With 18 laws and 21 resolutions passed, the 8th Session is the National Assembly session with the largest number of laws passed, accounting for nearly 1/3 (18/61 laws) of the total number of laws issued by the National Assembly since the beginning of the term. In particular, the Land Law (amended) was passed after 4 sessions”.
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| On November 30, 2024, the National Assembly also passed the Electricity Law (amended) with 439/463 National Assembly deputies participating in the vote in favor (accounting for 91.65%) and taking effect from February 1, 2025. |
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| The amendment of the Electricity Law is considered very necessary and urgent to promptly institutionalize the Party's new guidelines and policies, creating a basis for drastic and breakthrough actions to develop the electricity industry. |
In addition to the Land Law (amended), on November 30, 2024, the National Assembly also passed the Electricity Law (amended) with 439/463 National Assembly deputies participating in the vote in favor (accounting for 91.65%) and taking effect from February 1, 2025.
The Electricity Law (amended) is an important law project, expected to create positive momentum for the economy, ensuring growth targets and national energy security. The amendment of the Electricity Law is considered very necessary and urgent to promptly institutionalize the Party's new guidelines and policies, creating a basis for breakthrough and drastic actions to develop the electricity industry.
Notably, at the fourth highlight " Breakthrough in strategic infrastructure construction" , along with key projects and works such as: Long Thanh Airport, Ho Chi Minh City metro line... The Government Electronic Information Portal also mentioned the miracle of the 500kV line 3 circuit: "Regarding energy infrastructure, the 500kV line 3 circuit Quang Trach - Pho Noi project was completed after more than 6 months of lightning-fast construction with guaranteed quality while similar projects previously required 3 - 4 years".
The 500kV line project, circuit 3, Quang Trach - Pho Noi, invested by EVNNPT, has a total investment of about 22,300 billion VND, passing through 9 provinces, including 4 component projects. With a total length of about 519 km, the project has a scale of 1,177 poles; of which, the tallest pole is 145 m, the heaviest pole weighs up to 415 tons. With the amount of work and scale of the 500kV line project, circuit 3, investment preparation takes 2 - 3 years to start. However, with the Prime Minister's directive: "only discuss work, no retreat", "overcome the sun, overcome the rain", "eat quickly, sleep urgently", work continuously 24/7, "3 shifts, 4 shifts", "work during the day is not enough, take advantage of working at night", "work through Tet, through holidays, through holidays"..., after just over 6 months, the entire project and auxiliary works were basically completed.
International integration work is increasingly expanded and deepened.
Next, in the 7th highlight voted by the Government Electronic Information Portal "Foreign affairs affirm the country's position and prestige, paving the way for development ", it was emphasized: " Foreign affairs and international integration continue to be a bright spot, defending the country early, from afar and contributing to creating a peaceful, cooperative and developing environment. The foreign affairs landscape is constantly expanding; enhancing the country's position and prestige...
... Vietnam has upgraded its comprehensive strategic partnership with France, Australia, Malaysia; upgraded its strategic partnership with Brazil; upgraded its comprehensive partnership with the UAE and Mongolia; established a strategic partnership with Ireland on education and training. To date, Vietnam has established comprehensive strategic partnerships with 9 countries, 19 strategic partners, and 13 comprehensive partners."
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| Vietnam's international integration is increasingly expanding and deepening. The signing of the FTA with the UAE has contributed to further expanding Vietnam's "highway" for global trade integration. Photo: Duong Giang |
It can be said that in 2024, the negotiation and signing of new FTAs is a bright spot in the picture of international economic integration of the Industry and Trade sector and the whole country in general, when on October 28, 2024, after more than a year of negotiations, the Comprehensive Economic Partnership Agreement between Vietnam and the United Arab Emirates (UAE) was signed. This is the first FTA that Vietnam has signed with an Arab country, opening a new chapter in economic and trade cooperation between Vietnam and the UAE and Middle Eastern - African countries.
Also in 2024, the Industry and Trade sector synchronously implemented international economic integration activities, effectively completing the set goals and plans; balancing and ensuring Vietnam's interests in the process of implementing international commitments, while promptly and appropriately responding to rapid changes in the global economic and political situation.
Thanks to its achievements in international integration, Vietnam has established diplomatic relations with 193 countries and is an active member of nearly 70 regional and international organizations. Vietnam is one of the 40 economies with the largest GDP in the world, in the top 20 economies in terms of trade; in the top 15 economies in terms of FDI attraction, and in the top 46 countries in the world in terms of innovation index.
In addition, Vietnam has maintained an average GDP growth of 5.2% per year for the past 3 years (2021 - 2023) (high in the region and the world); in 2024 alone, it is likely to reach over 7%, higher than the level assigned by the National Assembly (6.5 - 7%).
“Vietnam's international integration is increasingly expanding and deepening. The signing of the FTA with the UAE has contributed to further expanding Vietnam's global trade integration "highway " - Minister of Industry and Trade Nguyen Hong Dien emphasized and said that Vietnam has signed 17 FTAs and is negotiating 2 FTAs, in total participating in 19 FTAs, thereby having over 60 FTA partners, covering all continents with a total GDP accounting for nearly 90% of global GDP, raising Vietnam's position to become an important "link" in the network of partnerships of countries around the world.
Not only that, with participation in many FTAs, Vietnam's import and export market is increasingly expanding towards diversification and multilateralization of economic relations. Currently, Vietnam's export goods are present in over 230 countries and territories, of which Asia is still Vietnam's main export market with a turnover ratio of nearly 70% of total import and export turnover.
| In 2025, in the context of many unpredictable factors affecting import and export activities, the Ministry of Industry and Trade still shows determination and high efforts, setting a challenging target with export growth reaching about 12% compared to 2024. |
Source: https://congthuong.vn/10-dau-an-noi-bat-nam-2024-nhieu-noi-dung-dam-net-nganh-cong-thuong-367217.html
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