Industry and Trade Sector Extending Growth Momentum

9:16:10 AM | 9/5/2023

Despite facing many challenges, Bac Giang province’s industrial production value has grown over time. This is an important foundation for Bac Giang to fulfill its economic growth targets in 2023. Our reporter had an exclusive interview with Mr. Tran Quang Tan, Director of Bac Giang Department of Industry and Trade.

How has the industry and trade sector of Bac Giang province performed recently?

In the first six months of 2023, despite being affected by global economic slowdown, the province’s industrial production still fared well. The industrial production value was estimated at VND238,782 billion (US$10 billion) in the first half of 2023, up 18.2% year on year and equal to 47% of the full-year target. Of the sum, the state economic sector contributed VND5,700 billion, up 3.3%; the private economic sector made VND38,605 billion, up 28.9%; and the foreign-invested economic sector generated VND194,477 billion, up 16.7%. The extractive industry was estimated to make VND1,013 billion, up 3.3%; processing industry generated VND236,055 billion, up 18.1%; the electricity, gas and water production and distribution sector was forecast at VND1,441 billion, up 39.1%; and the water supply and waste management and treatment sector contributed VND274 billion, up 15.7%. Notably, trade and service were relatively stable. Total retail value of goods and services was estimated at VND27,078 billion, up 17.3% year on year and equal to 66.9% of the yearly plan. Of the sum, the retail value of goods accounted for VND19,522 billion, up 13.5%; and the service revenue was VND7,556 billion, up 28.3%.

Import and export activities also expanded, with the value estimated at US$19.7 billion, or 37.8% of the yearly plan, of which the export value was US$10.36 billion, equal to 38.3% of the full-year plan and the import value was forecast at US$9.34 billion, reaching 37.3% of the annual plan.

What solutions did the Department of Industry and Trade adopt to strengthen state administration as well as promote industrial development?

The Department of Industry and Trade actively advised the Provincial People's Committee to direct the investment and development of industrial zones; and consulted the committee to submit the revised master plan for industrial zone development to 2023 to the Provincial People’s Council for approval. The department also set up a specialized unit to monitor the construction and investment progress of industrial zones in order to ensure the registered progress.

At present, Bac Giang province has 54 industrial complexes with a total area of 2,168ha. Currently, 32 industrial complexes are in operation, covering 1,010ha, of which 517 ha was leased to 248 projects, of which 223 operational projects are hiring more than 46,000 workers and 25 projects are under construction.

What are the top goals as well as solutions that the industry and trade sector adopted to achieve them in 2023?

In 2023, the Department of Industry and Trade has strived to achieve industrial production value of VND507.8 trillion, up 24.5% year on year; export value of more than US$27 billion, up 19.4%; and import value of over US$25 billion, up 20.1%.

Mr. Vuong Huy Hoang, Director of Minh Hoang Long Co., Ltd, the investor of Viet Tien Industrial Complex based in Viet Yen district, said: In 2023, although tenants in the industrial complex faced many difficulties and challenges, the effective, timely, appropriate and practical solutions of the Provincial People’s Committee and the Department of Industry and Trade have helped them to quickly recover and develop stable operations.

To boost industry and trade and achieve its development goals, in addition to continued focus on administration, the Department of Industry and Trade will actively implement key solutions: Facilitating existing and new industrial factories to work effectively; enhancing existing production values, generating new added values for key industrial products; regularly monitoring and actively working with associations and businesses to grasp difficulties and obstacles to have prompt solutions; reinforcing the management local of industrial zones; and inspecting and grasping infrastructure investment in industrial zones to ensure infrastructure for industrial production.

The department will effectively implement solutions to improve the business environment and enhance the province's competitiveness. The agency will also accelerate administrative reform and raise the performance of the consumer price index (CPI), the Public Administration Reform Index (PAR Index) and the Satisfaction Index of Public Administrative Services (SIPAS). The department will successfully implement the District and Department Competitiveness Index (DDCI) in 2023.

Thank you very much!

Source: Vietnam Business Forum