In 2024, a series of important indicators on industry and trade will achieve double-digit growth, contributing greatly to the overall achievements of the country.
2024 is the fourth year of implementing the 5-year socio-economic development plan for the 2021-2025 period with the heavy task of striving to achieve the set goals in the context of the first years of the planning period facing many difficulties due to the Covid-19 pandemic and global geopolitical fluctuations. Not only that, in 2024, the domestic economy also faced unfavorable natural disasters, in particular, super typhoon No. 3 and typhoon No. 4 devastated and caused severe damage on a large scale in the northern and central provinces.
In that context, with the great efforts and determination of the entire political system, the business community, the people of the whole country, and the support of international friends, the national economy continues to affirm its clear recovery, each month is better than the previous month, and the growth of each quarter is higher than the previous quarter. International organizations highly appreciate and continuously adjust our country's growth forecast in an increasingly positive direction; businesses restore confidence in the economic outlook... Major balances are ensured.
The country's economic growth rate in 2024 is expected to reach and exceed 7%, among the few countries with high growth in the region and the world, and is highly appreciated by international organizations. Inflation is controlled below 4%, a very positive growth rate in the context of salary increase from July 1, 2024 and price adjustment of some goods and services...
Contributing to these common achievements, the Industry and Trade sector, under the direct direction of the Government and the Prime Minister, and the coordination of ministries, departments, branches and localities, the Ministry of Industry and Trade has focused on directing and implementing drastic, synchronous and flexible solutions to achieve the results of the assigned tasks. Up to now, it can be affirmed that the Industry and Trade sector has completed and exceeded all targets and tasks set for 2024.
Among them, a series of important indicators of industry and trade all achieved double-digit growth or more:
First, indicators on electricity production and imported electricity
In 2024, units and functions in the Ministry of Industry and Trade coordinated with the Office of the State Steering Committee for important national projects and works, key energy projects and related units to focus on resolving related tasks according to their authority and put into operation many power grid projects in 2024 such as: Quang Trach - Quynh Luu 500kV Line, Quynh Luu - Thanh Hoa 500kV Line, Nam Dinh I - Pho Noi 500kV Line, Bac Ninh 500kV Transformer Station and connecting lines, Thanh Hoa - Nho Quan - Ha Tinh 500kV Line, Thanh Hoa 500kV Transformer Station. In particular, the miracle of 500kV Line 3 with a series of records, turning the impossible into possible, inspiring overcoming difficulties, creativity...
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| The implementation of construction and progress of the 500kV line 3 has always received close attention and direction from the Government and the Prime Minister. In the photo, Prime Minister Pham Minh Chinh inspected the construction of the 500kV line 3 in Nam Dinh. Photo: Dinh Dung |
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| Minister of Industry and Trade Nguyen Hong Dien has also directly inspected and checked the actual progress at the construction site of the 500kV line 3 circuit many times. Photo: Can Dung |
At the same time, during the year, leaders of the Ministry of Industry and Trade also focused on removing difficulties and obstacles for key projects in the electricity sector, mobilizing maximum resources to ensure sufficient electricity supply for production and daily life, and absolutely not allowing power shortages.
Regarding the work of ensuring electricity supply, in 2024, the Ministry of Industry and Trade issued and submitted to the Prime Minister documents directing the assurance of electricity supply; the work of supervising the assurance of electricity supply is also carried out regularly and continuously. At the same time, organizing working groups to review the contents of preparations to ensure electricity supply in the 2024 dry season.
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| With synchronous solutions, close direction from the leaders of the Ministry of Industry and Trade, and solidarity and consensus, in 2024, the total electricity output of the entire system is estimated to reach 309.7 billion kWh, an increase of 10.1% over the same period in 2023. Photo: EVN |
With synchronous solutions, close direction from the leaders of the Ministry of Industry and Trade, and solidarity and consensus, in 2024, the electricity supply situation was well implemented, ensuring to meet the needs for socio-economic development and people's daily life nationwide in the context of high demand for coverage, many fluctuations in weather, natural disasters and hydrology of hydropower reservoirs.
The total electricity output of the entire national power system by the end of 2024 is estimated to reach 309.7 billion kWh, an increase of 10.1% over the same period in 2023, exceeding 2% compared to the plan for electricity supply and operation of the national power system in 2024 and basically achieving the target set out in the adjustment of the peak electricity supply plan for the dry season and the whole year of 2024.
Second, indicators on import and export activities
In 2024, export activities have actively taken advantage of opportunities from the recovery of large, traditional markets to boost exports, raising the total import-export turnover for the whole year of 2024 to a new record, expected to exceed the threshold of 700 billion USD (estimated at 783 billion USD; of which exports are estimated at 403 billion USD; imports are estimated at 380 billion USD), exceeding by more than 100 billion compared to the level of 681 billion USD in 2023.
The Asia-Africa market continues to hold a strategic position with a total two-way import-export turnover estimated at 519.7 billion USD, up 13.7% compared to 2023, accounting for 66.3% of Vietnam's total import-export turnover with the world (exports are estimated at 197.4 billion USD, up 8.4%; imports are estimated at 322.3 billion USD, up 17.2%; trade deficit is 124.9 billion USD, up 34.6% compared to 2023).
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| In 2024, export activities have actively taken advantage of opportunities from the recovery of large, traditional markets to boost exports. Total import-export turnover for the whole year of 2024 is estimated to reach 783 billion USD. Photo: Hung Duong |
Export turnover grew at a high double-digit rate with the positive recovery of key export groups: Exports increased sharply in the agricultural, forestry and fishery group (11-month increase of 20.6%), with favorable agricultural product prices supporting good consumption of output for agricultural production and people and the processed industrial group (11-month increase of 14.3%).
The structure of export goods continues to improve in a positive direction, reducing the content of raw exports, increasing the export of processed products and industrial products, creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain.
The processing industry group has recovered strongly, being the main driving force contributing to the country's total export turnover (accounting for nearly 85%). In particular, key export groups that faced many difficulties in 2023 have recovered quickly, regaining high growth momentum at double digits such as: Computers, electronic products and components reached 71.7 billion USD, up 25%; phones of all kinds and components reached 53.9 billion USD, up 2.9%; machinery, equipment, tools and other spare parts reached 52.6 billion USD, up 22%; textiles and garments reached 37 billion USD, up 11.2%; footwear of all kinds reached 22.9 billion USD, up 13%; wood and wood products reached 16.2 billion USD, up 20.3%; iron and steel reached 9.3 billion USD, up 11.8%...
Import and export activities have basically taken advantage of and effectively exploited market opening commitments from FTAs. Vietnam's export growth with most markets that have signed FTAs has increased: exports to the United States - Vietnam's largest export market - are estimated at 119.7 billion USD, accounting for 29.5% of total export turnover, up to 23.4% compared to 2023 (down 11.3% in 2023); exports to the EU market are estimated at 51.6 billion USD, up 18.3% (down 6.8% in 2023); exports to the ASEAN market area are up 13.6%; exports to the Korean market are estimated at 25.5 billion USD, up 8.6% (down 3.4% in 2023); Exports to the Japanese market are estimated at 24.6 billion USD, up 5.5% (down 3.7% in 2023).
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| In 2024, the export growth rate of the domestic economic sector will be higher than that of the FDI sector. Photo: Binh Duong |
The production and export capacity of domestic enterprises has been increasingly improved: The export growth rate of the domestic economic sector (18.9%) is higher than that of the FDI sector (11.6%); at the same time, the proportion in the total export turnover of the country is higher than the same period last year (28.9% compared to 26.9%).
The trade balance continued to record a trade surplus for the 9th consecutive year (since 2016) with a fairly high surplus (estimated at 23 billion USD), contributing positively to the balance of payments, helping to increase foreign exchange reserves, stabilize exchange rates and other macroeconomic indicators of the economy.
Third, indicators on industrial production activities
In 2024, the scale of industrial production will recover rapidly, widely and continuously expand in the context of the world economic situation still facing many difficulties, playing a driving role, leading the overall growth of the economy (the industrial production index in the first 11 months of 2024 increased by 8.4% over the same period last year (the same period in 2023 increased by 0.9%), the highest increase in the period from 2020 to present).
With the current growth rate, it is expected that the industrial production index will increase by over 8% in 2024, exceeding the set plan (the plan is to increase by 7-8%).
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| It is expected that the industrial production index will increase by over 8% in 2024, exceeding the set plan (the plan is to increase by 7-8%). Photo: Nguyen Hong |
The industrial structure has shifted positively towards modernization, high technology application, increased added value and sustainable development: the proportion of processing and manufacturing industry continued to increase significantly, reaching 24.1%, meeting the requirements set forth in Resolution 01 of the Government.
The processing and manufacturing industry has become the growth engine of the entire industry and the entire economy with a high growth rate: In the 11 months of 2024, the production index of the processing and manufacturing industry increased by 9.7% (the same period in 2023 increased by only 1.0%), contributing 8.5 percentage points to the overall growth rate.
Fourth, industrial product indicators
The industrial production index (11 months of 2024) of some key secondary industries increased sharply compared to the same period last year, with some industries increasing at double-digit rates.
Specifically: Production of rubber and plastic products increased by 25.6%; production of beds, cabinets, tables and chairs increased by 24.7%; production of motor vehicles increased by 18.3%; production of coke and refined petroleum products increased by 14.5%; production of chemicals and chemical products increased by 13.4%; production of leather and related products increased by 12.6%; textiles increased by 12.1%; production of products from prefabricated metal (except machinery and equipment) increased by 11.9%...
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| Some key industrial products in the 11 months of 2024 also increased sharply compared to the same period last year, of which the automobile manufacturing industry increased by 22.4%. |
Meanwhile, some key industrial products (11 months of 2024) also increased sharply compared to the same period last year such as: Automobiles increased by 22.4%; steel bars and angle steel increased by 21.7%; natural fiber woven fabrics increased by 16.0%; gasoline increased by 15.9%; diameter increased by 14.8%; rolled steel increased by 14.1%; NPK mixed fertilizer increased by 11.9%; powdered milk increased by 11.5%; processed seafood increased by 11.0%; electricity production increased by 10.0%; urea fertilizer increased by 9.0%...
Many localities have made efforts to overcome difficulties, restore production, and maintain good industrial performance with the IIP index increasing in most localities across the country (increasing in 60/63 localities), many key industrial areas recovered quickly and maintained positive growth momentum such as: Bac Giang 27.7%; Vinh Phuc 11.1%; Hai Phong increased 15.3%; Hai Duong 13.9%; Thanh Hoa 19.2%; Quang Nam increased 18.6%; Ho Chi Minh City increased 7.1%; Binh Duong increased 6.8%; Dong Nai increased 8% (11 months of 2024).
Fifth, domestic trade indicators
Total retail sales of consumer goods and services in 2024 are estimated at VND 6,449 trillion, up 9% compared to 2023, achieving the set target; the average CPI is expected to be around 3.8%, within the limit of the National Assembly's target for inflation control.
In 2024, e-commerce activities will continue to develop into an important distribution channel, contributing to the development of domestic and foreign supply chains and circulation, supporting the effective consumption of large quantities of agricultural products and food for farmers and businesses, especially during the harvest season.
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| Total retail sales of consumer goods and services in 2024 are estimated to reach VND6,449 trillion, up 9% compared to 2023, achieving the set target. Photo: Nguyen Ninh |
Last year, the scale of Vietnam's retail e-commerce market is estimated to exceed 25 billion USD, achieving a growth rate of about 20%/year compared to 2023, accounting for 2/3 of Vietnam's digital economic value. With the above results, Vietnam is ranked in the group of 10 countries with the highest e-commerce growth rate in the world, creating momentum for economic development and leading digital transformation in businesses.
The year 2025 is of special importance to the development of the country and the Industry; it is the year that the entire Industry and Trade sector is determined to accelerate and make breakthroughs to complete and exceed the targets and tasks in the Resolution of the 13th National Party Congress, the Resolution of the National Assembly on the 5-year socio-economic development plan 2021-2025, creating a solid foundation for the country to enter a new era - the era of national growth.
To realize the above goal, in 2025, the entire industry and trade sector will continue to promote industrial restructuring towards improving quality, efficiency and competitiveness based on the foundation of science and technology, innovation, contributing to renewing and promoting traditional growth drivers, while effectively exploiting new growth drivers (such as digital transformation, green transformation, circular economy, sharing economy and high-tech industries such as chips, semiconductors, AI technology...).
In addition, focus on effectively implementing tasks and solutions to remove difficulties, support businesses to recover and develop production and business; accelerate the implementation of industrial, energy and trade development projects, especially key projects, to soon put them into operation, creating new momentum for economic growth.
At the same time, strengthen international economic integration; proactively advise on effectively exploiting opportunities from foreign relations with major countries to anticipate the wave of investment shifting in key industries to third countries by multinational corporations, especially in areas where our country is in need; at the same time, focus on effectively implementing solutions to closely connect FDI enterprises with domestic enterprises to promote the development of management skills, technology transfer, contributing to improving the competitiveness of Vietnamese enterprises, meeting the requirements of participating in the global production and supply chain.
In addition, in 2025, the Industry and Trade sector will also focus on innovation and improving the effectiveness of trade promotion, closely combining traditional trade with modern trade to effectively exploit the domestic market of 100 million people, which still has a lot of potential. Continue to promote the development of e-commerce and digital economy to more effectively exploit the strong development of the digitalization trend of the economy; at the same time, closely monitor the developments of supply and demand, prices, and markets of essential goods for appropriate and effective management; strengthen the management and supervision of the domestic market and improve trade defense capacity, protect the interests of producers and consumers, in accordance with international commitments.
Source: https://congthuong.vn/loat-chi-tieu-tang-truong-2-con-so-cua-nganh-cong-thuong-367102.html
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