The Industry and Trade sector continues to affirm its role as a state management ministry, making an important contribution to promoting economic growth and supporting businesses to overcome difficulties.
The year 2024 has passed with many ups and downs, but the Ministry of Industry and Trade continues to affirm its role as a State management ministry, making an important contribution to promoting economic growth and supporting businesses to overcome difficulties. With flexible management and correct policies, the Ministry of Industry and Trade has achieved many positive results in both the field of legal policy making as well as industrial production, trade and consumer services.
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| Industry and Trade sector achieves many achievements in 2024 (Photo: Can Dung) |
In the first 11 months of 2024, industrial production continued to recover strongly and broadly. The index of industrial production (IIP) is estimated to increase by 8.4% over the same period last year, with 60/63 localities nationwide recording positive growth. Of which, the processing and manufacturing industry increased by 9.7%, contributing 8.5 percentage points to the overall increase. This is an important driving force for economic growth, demonstrating the industry's efforts to promote production, restore supply chains and support key industries.
In the export sector, one of the three "pillars" of Vietnam's economic growth, the Industry and Trade sector continued to make its mark when the export turnover in the first 11 months of 2024 reached nearly 370 billion USD, an increase of 14.4% over the same period last year. Of which, the domestic economic sector increased sharply by 20%, the FDI sector increased by 12.4%. Imports of goods also increased by 16.4%, bringing the total import-export turnover to over 715.55 billion USD, an increase of 15.4%. In particular, the trade balance continued to maintain a trade surplus of 24.31 billion USD, affirming the competitiveness of Vietnamese goods in the international market.
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| Sectors of the Ministry of Industry and Trade such as electricity receive attention from the press (Photo: Can Dung) |
Effectively utilizing the 16 Free Trade Agreements (FTAs) that have come into effect continues to open up many opportunities for export enterprises, creating momentum for trade growth. Notably, 2024 marks an important milestone with the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE. This is considered a historic milestone, opening a big door to the Middle East and African markets, while creating favorable conditions for Vietnamese goods to penetrate deeply into potential markets in the coming time.
Looking back at 2024, the highlight in the direction and management of the Ministry of Industry and Trade is the work of ensuring electricity for production, business activities and people's lives - with an average electricity growth rate of about 12% for the whole year - to meet the high recovery of industrial production, contributing to GDP growth in 2024 reaching over 7%. Although in 2024, the Northern region has not had any new large-capacity power sources put into operation, there has been no tension in power supply as in 2023.
Along with proactively planning electricity supply for the whole year, for each quarter, each month; the Industry and Trade sector has focused highly on implementing the construction of the 500kV line 3 Quang Trach - Pho Noi project to supply electricity to the North. The project was constructed "at lightning speed" in the face of many difficulties and challenges, but after only 6 months it was completed, becoming a symbol of the strength of belief, determination and solidarity of the entire political system.
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| Journalist Nguyen Long (right) in a broadcast program of Voice of Vietnam (Photo: FB character) |
2024 is also a year that marks the mark of the Industry and Trade sector in its role as the agency in charge of drafting and developing policies and laws. The Electricity Law (amended) - was passed by the National Assembly at the 8th Session, 15th National Assembly (effective from February 2025). A number of Government Decrees, such as: Decree No. 80/2024/ND-CP of the Government: Regulations on the mechanism of direct electricity purchase and sale between renewable energy power generation units and large electricity users; Decree No. 135/2024/ND-CP of the Government: Regulations on mechanisms and policies to encourage the development of self-produced and self-consumed rooftop solar power, etc. These are important legal documents, policies that have a great impact on the economy, ensuring the country's growth and development goals as well as national energy security.
However, in addition to the positive results, it is undeniable that the Industry and Trade sector is still facing many challenges. Fierce competitive pressure from regional markets, the risk of disruption of the global supply chain or the situation of excess production capacity in some industries still require more synchronous and effective solutions...
With a spirit of innovation and high determination, the Ministry of Industry and Trade is also actively implementing Resolution 18-NQ/TW of the Politburo on continuing to innovate and streamline the organization towards a streamlined apparatus, in order to improve the effectiveness and efficiency of state management.
As a reporter following the industry, I acknowledge the efforts, determination, and constant innovation of the Ministry of Industry and Trade in 2024, and hope for a new year 2025 with more outstanding achievements in direction and administration, contributing to achieving 8% GDP growth as the Government's target./.
Source: https://congthuong.vn/nganh-cong-thuong-no-luc-but-pha-dong-gop-tich-cuc-vao-tang-truong-kinh-te-365940.html
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