On the afternoon of August 5, at the Government press conference, a representative of the Ministry of Industry and Trade was asked to provide information on the recovery and growth progress of the industrial sector.
Answering the above question, Deputy Minister of Industry and Trade Phan Thi Thang said that the industrial recovery situation in the first 7 months of this year had many bright spots, with important indicators all increasing sharply.
Specifically, the growth rate of industrial production in July was higher than that in June and reached the highest level since March 2011. The industrial production index after 7 months increased by 8.5% compared to the same period last year, in which the processing and manufacturing industry increased by 9.5%.
In the first 7 months of 2024, basic industrial production grew broadly in 60 localities, 3 localities recorded a decrease. Some localities with high growth rates such as Khanh Hoa, Bac Giang, Hai Phong, Quang Ninh...
Some key industrial products increased sharply compared to the same period last year, such as steel bars, angle steel, rolled steel, and fabrics woven from natural fibers.
“The industrial growth results reflect a very positive picture of domestic production. It can be seen that industrial production is recovering strongly compared to 2023 and is continuing to grow positively,” said Ms. Thang.
The above results are due to the support measures and drastic direction of the Government and Prime Minister in disbursing public investment capital and implementing key industrial projects.
Positive results in attracting and disbursing FDI capital have helped increase domestic production capacity. Outstanding results in economic foreign affairs, especially with major trade partners such as the US and China, have helped strengthen the confidence of investors and businesses.
Regarding challenges in the coming time, according to Ms. Thang, the economy in general and industrial production in particular will have to face the fact that the internal strength of manufacturing industries is still weak, and there are not many domestic industrial products with high technology content.
In addition, industrial production has not fully recovered. Some key manufacturing industries still decreased compared to the same period last year, such as smartphones, televisions, automobiles, crude steel, and draft beer.
Some key export items (footwear, wood, phones of all kinds and components...) although recovering positively, have not yet returned to the peak level of the same period in 2022.
Therefore, the Ministry of Industry and Trade believes that many synchronous, long-term and solid solutions are needed to ensure stable and sustainable growth for industries.
In the coming time, the Ministry will proactively and effectively implement policies to support businesses; focus on advising on perfecting institutions and development strategies for a number of fundamental industries; and continue to effectively implement working programs with localities.
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