In 2025, the Ministry of Industry and Trade proposed to raise the growth target in industry, in which the industrial production index strives to increase by about 9-10% compared to 2024.
Industrial production in 2024 exceeds target
2024 marks a strong recovery of Industrial production plays an important role in the country's economic growth. According to the General Statistics Office, in 2024, the index of industrial production (IIP) of the whole industry increased by 8.4% compared to the previous year. This result not only exceeded the target set at the beginning of the year (the plan increased by 7-8%), but was also the highest increase in the period from 2020 to present.
Specifically, in 2024, IIP increased by 8.4% compared to the previous year (in 2023, it increased by 1.3%). Of which, the processing and manufacturing industry increased by 9.6% (in 2023, it increased by 1.5%), contributing 8.4 percentage points to the overall increase.
Assessing industrial production in 2024, Ms. Phi Thi Huong Nga - Director of the Department of Industrial and Construction Statistics - General Statistics Office acknowledged that to achieve this result, first of all, we must mention the flexible and effective management of the Government. The Government has had very quick policy responses, for example, reducing 5% of registration tax for domestically produced cars; promoting investment promotion activities, finding new markets. In particular, these solutions have stimulated the motor vehicle manufacturing industry to grow strongly in the fourth quarter and grow over 20% for the whole year.
In addition, in 2024, export activities will grow positively in the textile and garment, footwear and leather industries, growing by over 10%; the electricity, electronics and components manufacturing industry will increase from 8.3% to 11.9%... creating momentum for industrial production to break through.
Notably, by locality, the industrial production index in 2024 compared to the previous year increased in 60 localities and decreased in 03 localities nationwide. Some localities had a fairly high increase in the IIP index due to the high growth in the processing and manufacturing industry; and the electricity production and distribution industry.
For example, Bac Giang is a locality with a strong increase in the production of electricity, electronics and components, creating momentum for industrial production to increase by over 20%. Or Phu Tho has become the locality with the highest growth in the country in the field of industrial production with a growth rate of over 40% thanks to efforts to promote investment projects in semiconductors.
Some economists believe that to create impressive growth figures in industrial production in 2024, it is necessary to review industrial production activities in 2023 - a year that encountered many difficulties. This low growth foundation also creates momentum for industrial production in 2024 to increase.
Aiming for double-digit industrial growth
In 2025, Ministry of Industry and Trade The industrial production index is expected to increase by about 9-10% compared to 2024.
With this goal, Ms. Phi Thi Huong Nga said that in 2025, industrial production is expected to grow as textile, garment and footwear orders have been available for the first 6 months of 2025. The electricity, electronics and components manufacturing industry continues to flourish from many investment promotion activities, creating growth prospects for 2025 and the following years.
Particularly for the semiconductor electronics manufacturing industry, new policies will contribute to attracting FDI in 2025 as well as attracting investment flows from other countries to Vietnam. “ The recent trend of shifting international supply chains has created great opportunities for Vietnam. If we take advantage of this advantage, while promoting digital transformation, green transformation, and ensuring increasingly stringent requirements of the international market, Vietnam can make a breakthrough in industrial growth in 2025 and the following years, ” affirmed the Director of the Department of Industrial and Construction Statistics.
Acknowledging the breakthrough in industrial production as a driving force for 2025, Mr. Chu Viet Cuong, Director of the Center for Industrial Development Support - Department of Industry (Ministry of Industry and Trade) shared that in recent times, some localities have strongly developed clusters and industrial linkage zones, in order to create conditions for businesses to share resources, knowledge and technology. The development of these industrial linkage clusters has shown outstanding efficiency in production compared to other industrial zones, thanks to the concentration of many manufacturing enterprises in the same field.
“ Industry associations need to act as a bridge, providing information to supporting industry enterprises about each other’s production capacity and needs. In addition, the Ministry of Industry and Trade also promotes connecting domestic enterprises to participate in the supply chain of large global FDI enterprises investing in Vietnam… Thereby, helping industrial production accelerate in 2025, ” said Mr. Chu Viet Cuong.
According to the Ministry of Industry and Trade, by 2025, to ensure the implementation of the target of striving for an industrial production index growth of 9-10%, it is necessary to focus on the following solutions:
The first, Continue to proactively and effectively implement the Government's and the Ministry of Industry and Trade's macroeconomic policies in general and industrial development policies in particular, promote the operation of new industrial production projects to serve export and domestic consumption, creating more capacity for production development and goods sources for export.
Monday, Focus on consulting on perfecting institutions, policies and laws as a basis for new growth resources in industries in the short term as well as in the long term.
Specifically, research, propose to build and perfect the system of general legal documents on the development of fundamental industries, giving priority to institutionalizing the Party's new policies on industrialization and modernization of the country, creating a unified legal basis to promote rapid and sustainable industrial development.
Closely coordinate with relevant agencies in researching and submitting to the Government for promulgation Decrees and documents guiding the Electricity Law (amended) and the National Assembly Resolution on the investment policy for the North-South high-speed railway; at the same time, promptly advise the Ministry to submit to the Prime Minister for promulgation the Strategy for developing important industries such as mechanics, automobiles, steel, etc. to take advantage of the huge market opportunities from the energy and transportation sectors in the coming time.
Urgently propose to issue the Supporting Industry Development Program in the new period (2025 - 2035) to continue effectively implementing solutions to improve the capacity of domestic industrial enterprises to meet the requirements of participating in the global value chain, and take the lead in attracting new foreign investment opportunities.
Tuesday, Continue to effectively implement working programs with localities and existing business support programs to promote the growth momentum of industries in key economic regions, creating momentum to continue promoting industrial growth nationwide.
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