On the afternoon of October 23, at the regular press conference for the third quarter of 2024, Mr. Bui Huy Son, Director of the Department of Planning and Finance (Ministry of Industry and Trade) said: Of the three traditional growth drivers (investment, export, consumption), the Ministry of Industry and Trade monitors two sectors: export and consumption. The Ministry of Industry and Trade has been and will continue to implement solutions to promote growth drivers in the last months of the year, in order to achieve the growth target of over 7% as required by the Government.
According to the representative of the Ministry of Industry and Trade, the development of industrial production and exports in the last months of 2024 is relatively positive. That positive assessment comes from key points such as: Our own efforts to promote public investment, large investment projects in infrastructure including transportation and energy... have directly supported production and thereby developed the market.
In addition, efforts to implement support solutions, fiscal and monetary policies have boosted production and business. Meanwhile, the world market has changed more positively, interest rates have decreased, investment and consumption demand has increased. That is an opportunity for an economy with high openness and high exports.
 |
| Deputy Minister Nguyen Sinh Nhat Tan chaired the regular press conference for the third quarter of 2024, providing information on the situation of industrial production and trade activities in September and the first 9 months of 2024. Photo: Can Dung |
The Ministry of Industry and Trade has also closely followed the two growth drivers of export and consumption. In the export sector, the Ministry of Industry and Trade continues to implement solutions to support export enterprises and especially promote the official export program, in addition to exploiting key markets. Similarly, the Ministry of Industry and Trade will negotiate and sign Free Trade Agreements (FTAs) to create a legal framework to support enterprises to promote exports.
In addition, the Ministry of Industry and Trade also has solutions to protect businesses through trade defense measures in foreign markets. The Ministry of Industry and Trade has directly directed the Trade Defense Department, Trade Offices, and Market Departments to make efforts to implement trade defense measures over the past many years.
The next solution is to deploy tools and measures to support businesses in terms of market information and market access. Specifically, monthly meetings are held with all Vietnamese Trade Offices abroad, all businesses, industries, and localities participate to update information on markets and industries.
"Recently, Minister of Industry and Trade Nguyen Hong Dien signed a decision to recognize 359 products of 190 enterprises as national brands in 2024. This is a persistent effort over 20 years of implementing the national brand program to help enterprises build, consolidate and promote their brands, " said the Director of the Department of Planning and Finance.
Regarding the domestic market, the Ministry of Industry and Trade has implemented consumer stimulus programs, supported businesses in conducting promotional programs, and directly organized fairs and exhibitions to promote consumption.
 |
| Mr. Bui Huy Son, Director of the Department of Planning and Finance, Ministry of Industry and Trade, spoke at the press conference. Photo: Can Dung |
In addition to encouraging development support, the Ministry of Industry and Trade also always includes monitoring and inspection tools to ensure competition law and protect consumer rights in traditional and digital commerce.
" These tools not only protect the interests of consumers but also protect genuine manufacturing enterprises, thereby developing production and consumption, " said Mr. Bui Huy Son.
Previously, also sharing at the press conference, Mr. Bui Huy Son said: Continuing the growth momentum from the end of 2023, industrial production in the third quarter of 2024 grew more positively than the previous quarter, the added value of the industry is estimated to increase by 9.59% compared to the third quarter of 2023.
In the first 9 months of 2024, the total added value of the entire industrial sector is estimated to increase by 8.34% over the same period last year, contributing 2.71 percentage points to the growth rate of the total added value of the entire economy. In particular, the processing and manufacturing industry is the growth driver of the entire economy with a growth rate of 9.76% (in the first quarter, it increased by 7.21%; in the second quarter, it increased by 10.39%; in the third quarter, it increased by 11.41%), contributing 2.44 percentage points to the growth rate of the total added value of the entire economy (GDP in the first 9 months is estimated to increase by 6.82% over the same period last year); the electricity production and distribution industry increased by 11.11%, contributing 0.43 percentage points; the water supply and waste and wastewater treatment industry increased by 9.83%, contributing 0.06 percentage points; The mining industry alone decreased by 7.01%, reducing the overall growth rate by 0.22 percentage points.
In September 2024, due to the impact of storm No. 3 (Yagi), the production growth streak after 5 consecutive months of increase was broken, causing the purchasing managers' index (PMI) in September to fall below the 50-point threshold (reaching 47.3 points compared to 52.4 points in August). Therefore, the industrial production index (IIP index) in September 2024 decreased slightly compared to the previous month (down 0.2%).
However, thanks to the positive recovery of industrial production in recent months, the industrial production index in September 2024 still increased by 10.8% over the same period last year.
To overcome challenges and seize opportunities, the Ministry of Industry and Trade has proposed many solutions to help the industry promote growth and complete the 2024 plan. In particular, it continues to focus on removing difficulties and obstacles and supporting businesses to restore production and business, especially the difficulties of businesses due to the impact of storm No. 3, to put large industrial projects with important roles into operation to increase production capacity; support businesses in finding import and export markets for raw materials, spare parts and components for production, and deeply participate in the global supply chain.
Source: https://congthuong.vn/bo-cong-thuong-trien-khai-nhieu-giai-phap-thuc-day-dong-luc-tang-truong-354310.html
Comment (0)