Ministry of Industry and Trade holds regular press conference in 2024

On the afternoon of March 29, the Ministry of Industry and Trade held a regular press conference to provide information on the industrial and commercial production situation in March and the first 3 months of 2024. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan chaired the press conference.

At the regular press conference, Mr. Bui Huy Son - Director of the Department of Financial Planning (Ministry of Industry and Trade) said that in 2024, the socio-economic development of the country in general and the industry and trade sector in particular will continue to take place in the context of the world being forecasted to continue to have major and unpredictable changes with many opportunities and challenges intertwined. Based on the viewpoints, directions and directions of the Government and the Prime Minister, the Ministry of Industry and Trade has thoroughly grasped and specified in programs and action plans, especially closely following the fluctuations of the world economy to be flexible in management, focusing on reviewing, organizing and implementing drastically and quickly the key tasks and solutions set out; promptly removing difficulties and obstacles to mobilize all resources for development.

The Ministry of Industry and Trade held a regular press conference to provide information on industrial and commercial production in March and the first 3 months of 2024.

Continuing growth momentum, industrial production in the first quarter flourishes

According to the Ministry of Industry and Trade, continuing the growth momentum from the end of 2023, industrial production in the first quarter of 2024 continued to flourish with the total added value of the industry estimated to increase by 6.18% over the same period last year (the same period last year decreased by 0.73%), contributing 2.02 percentage points to the total added value growth of the entire economy. GDP in the first quarter of 2024 is estimated to increase by 5.66% over the same period last year, higher than the growth rate of the first quarter of the years 2020-2023.

Of which, the processing and manufacturing industry was the growth driver of the entire economy with a growth rate of 6.98%, contributing 1.73 percentage points; the electricity production and distribution industry increased by 11.97%, contributing 0.45 percentage points; the water supply, waste and wastewater management and treatment industry increased by 4.99%, contributing 0.03 percentage points; the mining industry alone decreased by 5.84% (coal mining output decreased by 0.3% and crude oil exploitation decreased by 3.2%), causing a decrease of 0.2 percentage points.

Delegates attending the regular press conference of the Ministry of Industry and Trade on the afternoon of March 29

Industrial production increased across the board as the industrial production index in the first quarter of 2024 increased in 54/63 localities. In particular, some localities had a fairly high IIP growth rate of two to three digits due to the high growth in the processing and manufacturing industry or the electricity production and distribution industry (IIP of Tra Vinh increased by 102%; Khanh Hoa increased by 37%; Bac Giang increased by 23.9%; Thanh Hoa increased by 20%; Ha Nam increased by 17.2%; Quang Ninh increased by 14%...).

Some key industrial products in the first quarter of 2024 increased compared to the same period last year: Steel bars and angle steel increased by 29.1%; rolled steel increased by 24.1%; NPK mixed fertilizer increased by 23.1%; natural fiber woven fabrics increased by 21.8%; gasoline increased by 21.7%; Urea increased by 14.4%; electricity production increased by 11.4%. On the contrary, some products decreased compared to the same period last year: Gas (natural gas) and mobile phones both decreased by 13.3%; automobiles decreased by 11.3%; televisions decreased by 11.1%; LPG decreased by 11.0%; motorbikes decreased by 5.2%.

Orders increase, export activities recover strongly

With the recovery of the world market and increased export orders, import and export activities in the first quarter of 2024 have improved and achieved positive results.

Total import and export turnover of goods in March 2024 is estimated at 65.09 billion USD, up 35.6% over the previous month and up 12% over the same period last year.

In the first quarter of 2024, the total import-export turnover of goods is estimated at 178.04 billion USD, up 15.5% over the same period last year. Of which, exports are estimated at 93.06 billion USD, up 17% over the same period last year (the same period in 2023 decreased by 11.6%); imports are estimated at 84.98 billion USD, up 13.9% over the same period last year (the same period in 2023 decreased by 15.4%).

In the first quarter of 2024, the export turnover growth of the 100% domestic-owned enterprise sector reached 26.2%, nearly double the growth rate of the foreign-invested enterprise sector including crude oil (up 13.9%), which shows the efforts of the domestic economic sector in maintaining and expanding export markets.

In the first quarter of 2024, there were 16 items with export turnover of over 1 billion USD, accounting for 82.1% of total export turnover (there were 4 items with export turnover of over 5 billion USD, accounting for 52.7%), 2 more items than the same period last year (in the first quarter of 2023, there were 14 items with export turnover of over 1 billion USD).

Also in the first 3 months of the year, the United States was Vietnam's largest export market with an estimated turnover of 26.06 billion USD, accounting for 28% of the country's total export turnover and increasing by 25.5% over the same period; followed by China with an estimated turnover of 12.68 billion USD, up 5.2%; the EU market with an estimated turnover of 12.1 billion USD, up 16.3%; South Korea with an estimated turnover of 6.6 billion USD, up 12.9%; Japan with an estimated turnover of 5.7 billion USD, up 6.4%...

The regular press conference of the Ministry of Industry and Trade attracts the attention of many press agencies.

On the other hand, the import turnover of goods in the first quarter of 2024 is estimated at 84.98 billion USD, up 13.9% over the same period. In the first quarter of 2024, there were 17 imported items with a value of over 1 billion USD, accounting for 76.1% of the total import turnover, of which 2 imported items were over 5 billion USD, accounting for 40.3%.

The trade balance in March 2024 continued to have a surplus of about 2.93 billion USD, bringing the total trade surplus in the quarter to 8.08 billion USD.

Regarding the domestic market, Deputy Minister Nguyen Sinh Nhat Tan said that in the first quarter of 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 1,537.6 trillion, up 8.2% over the same period last year. In particular, retail sales of goods in the first quarter of 2024 are estimated at VND 1,190.3 trillion, accounting for 77.4% of the total and up 7% over the same period last year (excluding the price factor, which increased by 4.5%).

Some localities have high retail sales of goods in the first quarter of 2024 compared to the same period last year such as: Quang Ninh increased by 9.8%; Hai Phong increased by 9.7%; Khanh Hoa and Long An both increased by 9.1%; Binh Duong, Dong Nai, Can Tho all increased by 7%; Da Nang increased by 5.9%; Ho Chi Minh City increased by 5.8%; Hanoi increased by 4.7%.

Assessing the general situation of industrial production and trade in the first 3 months of the year, the Deputy Minister of Industry and Trade said that the results achieved were very positive, contributing positively to the growth results of the whole economy.

The above results come from the effectiveness of the Government's support measures, the Prime Minister's drastic directions in disbursing public investment capital, implementing key industrial projects; The results of attracting and disbursing FDI capital help increase domestic production capacity. At the same time, from the recovery of the world market, gradually moving to a new state, adapting to major fluctuations in 2022 and 2023; the number of new export orders has increased and efforts in diversifying export markets, especially upgrading relations with our country's major trade partners such as the US, China, Japan... have strengthened investors' confidence; The capacity of enterprises, especially domestic enterprises, has been improved.

Removing difficulties, mobilizing all resources for development

Deputy Minister Nguyen Sinh Nhat Tan said that in the first 3 months of the year, the economy showed positive signs of recovery, which was the driving force for domestic consumption growth. In addition, the abundant supply of food and foodstuffs in the country will contribute to controlling inflation.

However, according to the Deputy Minister, the global economy is currently entering a new period with many risks and challenges and is difficult to predict; economic growth in the world and in the European and American countries in 2024 is forecast to be lower than in 2023... Not to mention, the diversification of supply sources outside of China by countries, focusing on a number of partners near the market and partners equivalent to Vietnam such as Turkey, Mexico, India, Indonesia, Bangladesh... will increase competition in Vietnam's export markets...

Therefore, in 2024, to complete the annual plan tasks, Deputy Minister Nguyen Sinh Nhat Tan said that the Industry and Trade sector will focus on key tasks such as:

Regarding production: Accelerate the disbursement of public investment capital, review the backlog to soon put into operation key projects in the fields of electricity, oil and gas, processing industry, manufacturing, minerals, etc.; Highly concentrate with EVN, the Power Management Board and localities to implement the 500KV line project, circuit 3, ensuring progress and quality according to the direction of the Prime Minister.

At the same time, closely monitor the electricity load situation and weather and hydrological developments to promptly respond according to the scenarios proactively developed by the Ministry for each quarter and month of 2024; ensure electricity supply in all situations;

Regarding ensuring the supply of essential goods and developing the domestic market : In the coming time, the Industry and Trade sector will continue to accelerate the review, revision, development and completion of a number of legal documents serving state management in the domestic market sector to ensure that they are consistent with the practical situation, effectively serving the management of the macro economy and the purchase and sale of goods by people and businesses.

At the same time, promote the effective implementation of the Domestic Trade Development Strategy for the period up to 2030, with a vision to 2045, and Programs and projects on domestic trade development; continue to coordinate with local ministries and branches to closely monitor market developments, ensure adequate supply of essential goods to serve people's needs, and prevent shortages and price hikes...; Coordinate with ministries and branches in advising on price management of state-managed goods, including petroleum products, to ensure the supply of petroleum products on the market, contributing to controlling general inflation according to the Government's target.

Regarding import and export of goods : functional units in the Ministry of Industry and Trade will closely monitor market developments and policy changes of partners to propose appropriate solutions, diversify traditional and new export markets. At the same time, continue to promptly inform industry associations about developments in export markets so that businesses can promptly adjust their production plans accordingly, orient their search for orders from markets; regularly maintain trade promotion conferences with the Vietnamese Trade Office system abroad.

Deputy Minister Nguyen Sinh Nhat Tan emphasized that the Ministry of Industry and Trade will continue to direct the Vietnam Trade Office system in market areas to regularly update information on foreign market situations; regulations, standards, and conditions of foreign markets that may affect Vietnam's import and export activities and make recommendations to localities, associations, and import-export enterprises...

Source: https://congthuong.vn/bo-cong-thuong-to-chuc-hop-bao-thuong-ky-nam-2024-311599.html