15:53 | 04/03/2016 Trade
(VEN) - The domestic market grew robustly in January 2016, with total retail sales and service revenues of VND297.7 trillion, a 3.3 percent increase from December and an 11.7 percent increase on-year.
The Ministry of Industry and Trade took measures to ensure supply and stabilize the market at the end of 2015 and during Tet
Industrial production grew steadily
According to the Ministry of Industry and Trade, the industrial production index for this January increased by 5.9 percent from a year ago. Of this, the processing and manufacturing sector increased by 8.2 percent, power production and distribution was up by 13.2 percent and water supply and rubbish and wastewater treatment up by 9.7 percent.
The Ministry of Industry and Trade’s Planning Department Deputy Director Nguyen Thuy Hien said that industrial production increased in January. However, growth was lower than the 17.5 percent figure a year ago. The reduced growth was largely due to the 4.2 percent decline in the mining industry, while electronics, computers, optical appliances and electric equipment dropped by 1.2 percent again last December and by 2 percent against a year ago. This was surprising since this sector had maintained a considerable growth in consecutive previous years.
Also in January, revenues from processed industrial export products increased by only 2.8 percent as a result of the reduced growth in the export of telephones, computers and electronic components.
Deputy Minister of Industry and Trade Tran Tuan Anh said that to realize the 2016 plan, subsidiaries of the Ministry of Industry and Trade need to work on measures to resolve difficulties for businesses including further improving the legal environment in compliance with international integration commitments and simplifying administrative procedures.
Sufficient goods for Tet
The Ministry of Industry and Trade’s Domestic Market Department Director Vo Van Quyen said that the domestic market continued to be a highlight in January, with total retail sales and service revenues of VND297.7 trillion, a 3.3 percent increase from last December and an 11.7 percent increase from a year ago, a five-year record-high, while the consumer price index (CPI) increased the least by 0.8 percent as a result of sufficient goods and high and stable consumption power.
To provide sufficient goods for Tet (the Lunar New Year), Minister of Industry and Trade Vu Huy Hoang issued Instruction 18 on implementation of measures to ensure supply and stabilize the market at the end of 2015 and during Tet. The Ministry of Industry and Trade launched a full range of activities including sending Vietnamese goods to rural and remote areas and organizing events to connect sellers and buyers.
Hoang Ve Dung, Deputy Director of the Vietnam National Textile and Garment Group: Increasing production capacity
Businesses in the sector are producing goods under order for January-February. However, the number of orders for March fell, mostly in the fiber and knitwear segment, due to falling demand in China. In this situation, the group has helped businesses promote their products to new markets, while boosting investment projects such as garment projects in Kien Giang and Bac Lieu provinces and a knitting project in Quang Nam Province’s Que Son District to build new production capacity for the sector and to be ready for the implementation of the Trans-Pacific Partnership.
Bao Ngoc & Nguyen Phuong