Many opportunities for high quality industrial products for export

Mr. Nguyen Ngoc Thanh - Deputy Director of the Department of Industry, Ministry of Industry and Trade . Photo: Can Dung

Regarding the impact of the US imposing tariffs on Vietnamese goods, which will cause difficulties for manufacturing enterprises and industrial growth targets this year, at the regular press conference of the Ministry of Industry and Trade on April 4, Mr. Nguyen Ngoc Thanh, Deputy Director of the Department of Industry (Ministry of Industry and Trade) said that to achieve the GDP growth target of 8% in 2025, the industrial sector must reach 9.3%, and the processing and manufacturing industry alone must reach double digits.

No change in industrial growth target

For the US market, textiles, footwear, electronics, wood products, etc. are industries with large turnover, with exports to this market accounting for 30%. Therefore, the US imposing a tax of up to 46% on Vietnamese goods is a big challenge.

"However, the Government and the Industry and Trade sector have no intention of changing this growth target," Mr. Nguyen Ngoc Thanh emphasized.

In addition, a representative of the Department of Industry said that the Government and ministries and sectors are urgently preparing for negotiations to minimize the impact. In case the US tax policy does not change, Vietnam may have to promote negotiations for a free trade agreement with the US.

Along with that, the Ministry of Industry and Trade is considering coordinating with ministries and branches to build low preferential credit to support manufacturing enterprises; propose to reduce corporate income tax; speed up the implementation of infrastructure projects to consume domestic products and large projects in the processing and manufacturing sector such as: Agricultural processing projects, bauxite projects in the Central Highlands...

These are short-term solutions, the authorities continue to implement long-term solutions to proactively overcome difficulties. In particular, Vietnam has 17 free trade agreements with 60 countries, this is a good opportunity to diversify markets, speed up negotiations to open up new markets, such as markets in the Middle East, South Asia, Latin America, etc. Improve trade promotion activities and expand foreign markets.

Regarding "retaining" FDI enterprises in the current context, Mr. Nguyen Ngoc Thanh informed that the most important thing is to stabilize the macro economy . The Government is very interested and makes efforts to ensure this factor with many policies for foreign investment such as investment incentives, limiting tax evasion, etc.

The Ministry of Industry and Trade is also actively perfecting the legal policy mechanism in the industrial sector, implementing the development of supporting industries, coordinating with localities to attract resources for industrial development, and supporting businesses to implement large investment projects.

Lots of room for industrial development

Providing more information about the industrial sector, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan acknowledged that, on the positive side, the industrial sector has many opportunities for development. Resolution 18-NQ/TW on continuing to innovate and streamline the political system's apparatus to be more streamlined and effective is helping to significantly reduce the number of focal points, making it much more convenient for businesses to carry out procedures, and the merger of localities has created more room for development.

"The government is particularly focusing on developing science and technology innovation - this is a lever for industrial development. Even if the US imposes tariffs on Vietnamese goods, if analyzed carefully, there are still many opportunities for high-standard industrial products," the Deputy Minister emphasized.

According to a report from the Ministry of Industry and Trade, industrial production in the first quarter of 2025 is forecast to continue to improve and maintain growth momentum based on the growth momentum from the first two months of this year.

According to the latest report from S&P Global, Vietnam's manufacturing industry recorded growth again in March when both output and total new orders increased again, showing that the health of Vietnam's manufacturing industry has improved by the end of the first quarter of 2025. Accordingly, the Vietnam Manufacturing Purchasing Managers' Index in March reached above 50 points, for the first time in the past 4 months (reaching 50.5 points, up slightly from 49.2 points in February).

Phan Trang

Source: https://baochinhphu.vn/nhieu-co-hoi-cho-san-pham-cong-nghiep-chat-luong-cao-xuat-khau-102250404200358313.htm