Trade Value Up Nearly 23% to Hit Record of Approximately US$670 Bln

9:47:20 AM | 1/13/2022

Export and import turnover reached a record of nearly US$670 billion, up approximately 23% compared to the previous year, becoming a bright spot of the economy and putting Vietnam in the group of 20 leading economies in terms of international trade. The country enjoyed spectacular growth in exports, increasing by over 19%, maintaining the trade surplus for the sixth consecutive year with a surplus of over US$4 billion," said Minister of Industry and Trade Nguyen Hong Dien.

At the recent online Conference of reviewing the work in 2021 and deploying the tasks in 2022, Minister of Industry and Trade Nguyen Hong Dien said that, along with the whole country, the Ministry of Industry and Trade had been active, proactive and creative in implementing tasks and solutions to support enterprises in production and business, ensuring the circulation and timely supply of essential goods, promoting export and import and had achieved important results. In particular, industrial production continued to expand and maintained growth of nearly 5%, higher than the same period last year. The processing and manufacturing industry increased by 6.37%, continuing to affirm its role as a driving force for the growth of the whole sector, making positive contributions to economic growth, creating jobs and ensuring social security.

The supply and demand of goods were guaranteed, the domestic and foreign supply chains were basically maintained, fully and promptly providing essential goods and services to serve the needs of production and people's lives with relatively stable prices. Various types of trades and markets were effectively exploited, contributing to the consumption of tens of millions of tons of agricultural products, which farmers needed to harvest, at reasonable prices in the context of social distancing.

Notably, in 2021, e-commerce thrived, becoming a new growth engine, making an important contribution to preventing disruptions in the supply chain of goods and promoting exports. State management of competition and protection of consumers' rights; market management and trade remedies were paid attention, implemented comprehensively and effectively, contributing to protecting and supporting the healthy development of the domestic market and protecting the rights and interests of the nation and people in the process of international economic integration.

In addition to the achieved results, there were also some shortcomings, limitations and problems to be considered and resolved to achieve a stronger and substantive change in the coming time.

Eight solutions to achieve goals in 2022

To contribute to the GDP growth rate of the whole country in 2022, the Industry and Trade sector will strive to make the index of industrial production (IIP) increase by about 7-8%. The total export turnover will rise about 6-8%. The total retail sales of consumer goods and services will increase by about 7-8% compared to 2021. The total electricity produced and imported for the whole system is expected to be about 275.51 billion kWh, up 7.88% compared to 2021; The expected commercial electricity for the whole system in 2022 will be about 245.8 ÷ 250.4 billion kWh, an increase of 7.1-9.1%.

In order to achieve the goals in the context of the unfavorable international and domestic factors, especially the COVID-19 pandemic, which may still be complicated and unpredictable, the Ministry of Industry and Trade has put forth 8 solutions as follows:

Firstly, continuing to study, thoroughly grasp and organize the serious and effective implementation of the guidelines and policies of the Party and State;

Secondly, focusing on renewing and improving the quality of institutionalizing the Party's views, guidelines and resolutions. Continuing to review, amend, supplement and complete inadequate mechanisms and policies, and regulations that are hindering the implementation process;

Thirdly, urgently developing an Action Plan and focusing on synchronously, drastically and effectively implementing the tasks assigned in the Master Program on COVID-19 pandemic prevention and control; the Socio-economic recovery and development program and Resolutions No. 01 and 02 of the Government.

Fourthly, restructuring the Industry and Trade sector on the basis of science and technology, innovation, creativity and digital transformation. Promoting the development of management skills, transfer of technology, forming supply chains of materials, raw materials and industrial clusters, contributing to improving the competitiveness of Vietnamese enterprises and the self-reliance of the nation’s economy.

Fifthly, actively advising and summarizing the implementation of the objectives of industrialization and modernization; evaluating and clarifying advantages and limitations in opening up to international economic integration, especially the implementation of policies to attract FDI in industry and trade; thus having appropriate guidelines and policies to closely connect FDI enterprises with domestic enterprises, promoting the development of management skills, technology transfer, and forming supply chains of materials, raw materials and industrial clusters, contributing to improving the competitiveness of Vietnamese enterprises and economic self-reliance.

Sixthly, focusing on synchronously and effectively implementing the effective Free Trade Agreements (FTAs), promoting the diversification of export markets and products, restructuring the effective export industries; improving the quality of goods in the direction of meeting regulations and requirements on environmental standards, product quality and rules of origin of goods and focusing on import management.

Seventhly, strongly developing domestic trade to effectively exploit the market of nearly 100 million people with high growth of the middle class. Promoting the development of e-commerce to more effectively exploit the strong development of the trend of digitizing the economy.

Eighthly, strengthening discipline and rules, improving the effectiveness and efficiency of direction and administration in association with upholding the responsibility of the leader in implementing tasks.

By Vietnam Business Forum