First-half industry and trade highlights

10:00 | 23/07/2022 Industry

(VEN) - Ministry of Industry and Trade department heads talk about industry and trade highlights in the first half of 2022.

first half industry and trade highlights
Ngo Khai Hoan, Deputy Director of the Vietnam Industry Agency

Ngo Khai Hoan, Deputy Director of the Vietnam Industry Agency: Industrial production recovers strongly

With the government’s decision to switch from “Zero COVID-19” to safe and flexible adaptation to the pandemic, industrial production has seen strong recovery and has been restored to pre-pandemic levels, especially the manufacturing and processing sector. The added value of the industrial sector increased by 8.48 percent in the first half of 2022 compared to a year ago.

The index of industrial production (IIP) grew by 8.7 percent in the first half of the year, with the manufacturing and processing sector going up by 9.7 percent. Almost all localities saw IIP increases, with high rates recorded in the provinces of Bac Giang, Bac Ninh, Quang Nam and Binh Phuoc.

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first half industry and trade highlights
Tran Duy Dong, Director of the Domestic Market Department

Tran Duy Dong, Director of the Domestic Market Department: Ensuring sufficient supply and price stabilization of essential goods

In the first half of the year, the department implemented numerous measures to ensure sufficient supply of essential goods for people’s daily lives and domestic production, especially during the Lunar New Year (Tet).

The Ministry of Industry and Trade directed localities and businesses to review the supply and demand of goods and prepare inventories to ensure sufficient supply. In addition, the ministry helped businesses ease barriers in the consumption of goods, especially of farm produce and essential goods, remove barriers in purchasing activities of cooperatives, businesses and production units, and strengthen coordination and connections among suppliers and manufacturers.

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first half industry and trade highlights
Le Hoang Oanh, Director of the Asia-Africa Market Department

Le Hoang Oanh, Director of the Asia-Africa Market Department: Making good use of trade deals

Vietnam’s total export-import turnover reached US$371.4 billion in the first half of the year, an increase of 16.4 percent compared to a year ago. Of the total, exports surged by 17.3 percent to more than US$186 billion, resulting in a slight trade surplus of US$712 million. The Asia-Africa region accounted for 67 percent of the country’s total export-import turnover. In particular, Vietnam’s exports to major markets grew strongly, such as the Republic of Korea with 17.1 percent growth, Japan with 12.9 percent, Chinese Taipei with 21 percent, Southeast Asia with 26.9 percent, Oceania with 30 percent and South Asia with 33 percent.

To continue exploiting the Asian and African markets well, the Ministry of Industry and Trade will monitor prices in key export markets, recommend appropriate adjustments in production and export plans, study economic and trade development policies of other countries during the post-pandemic period to propose appropriate solutions, keep up-to-date with information to respond promptly to changes, and make good use of trade deals, such as the Regional Comprehensive Economic Partnership (RCEP), Vietnam-Korea Free Trade Agreement (VKFTA), Vietnam-Japan Economic Partnership Agreement (VJEPA) and ASEAN Trade in Goods Agreement (ATIGA).

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first half industry and trade highlights
Le Trieu Dung, Director of the Trade Remedies Authority of Vietnam

Le Trieu Dung, Director of the Trade Remedies Authority of Vietnam: Protecting domestic industries

Vietnam has been promoting investigation and application of trade remedy measures to protect domestic manufacturing industries and create fair competition. As of date, investigations of 25 trade remedy cases have been launched by the Ministry of Industry and Trade, including imports of base metals, chemicals, DAP fertilizers, building materials and consumer goods.

The authority will soon report to the Ministry of Industry and Trade on measures needed to prevent Thai sugar passing through ASEAN countries to Vietnam.

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first half industry and trade highlights
Vu Ba Phu, Director of the Vietnam Trade Promotion Agency

Director of the Vietnam Trade Promotion Agency Vu Ba Phu: Renewing trade promotion activities

Since the beginning of the year, trade promotion has been implemented more methodically. Most activities have been conducted in both face-to-face and online forms in order to take advantage of traditional meetings and the digital environment, providing businesses with up-to-date information about markets, customer needs and export-import regulations.

Associations have focused on trade promotion activities that require higher expertise, such as advertising plans, sustainable imports of raw materials and technologies for green production.

Lan Hoang & Bao Ngoc