Industry and trade contribute to economic achievements

15:58 | 15/09/2015 Society

(VEN) - An exhibition on Vietnam’s socioeconomic achievements took place between August 28 and September 3 in Hanoi featuring economic development, diplomacy, international integration, social security, defense, education and training, culture, sports and tourism. The event was held to mark the 70th anniversary of the August Revolution and the Vietnamese National Day with the participation of 28 ministries and departments.

Industry and trade contribute to economic achievements

Prime Minister Nguyen Tan Dung (middle, first row) visits an exhibition on Vietnam’s socioeconomic achievements

Under the theme of integration and development, the Ministry of Industry and Trade’s booths introduced basic achievements of the sector in the innovation period and policies during the 2015-2020 period. Booths were arranged featuring oil and gas, mining, mineral processing, consumer goods, trade, domestic market, export-import, trade promotion, e-commerce and international economic integration.

After nearly 30 years of innovation, the industry and trade sector has made a great contribution to the country’s economic development.

The industrial sector has recorded high growth. The industrial production value has increased from VND40 billion in 1985 to an estimated VND1,400 trillion in 2015 and the structure has seen positive changes. The industrial sector’s products have met production and consumer demands.

Vietnam has gradually established and expanded its markets and trade partners. Total export-import turnover has recorded impressive growth and the balance of trade has increasingly become equal, while the structure of export and import goods has positively shifted. Total trade turnover reached US$698.5 million in 1985 and is expected to stand at US$165 billion in 2015. Vietnam has to date established ties with more than 230 countries and territories.

In terms of international economic integration, Vietnam has actively promoted negotiations and participated in free trade agreements (FTAs) at all bilateral and multilateral levels. Vietnam has signed the Korea-Vietnam Free Trade Agreement and the Eurasian Economic Union-Vietnam Free Trade Agreement and is promoting the conclusion of the EU-Vietnam Free Trade Agreement. Vietnam has signed and participated in 11 FTAs and these agreements have significantly contributed to promoting exports and improving competitiveness.

Vietnam is participating in negotiations of the Regional Comprehensive Economic Partnership Agreement, the Trans-Pacific Partnership Agreement and FTAs with the European Free Trade Association and the ASEAN-Hong Kong, China Free Trade Area.

Promoting the role as one of the economy’s important pillars, the industry and trade sector will make greater efforts to complete set targets, providing a basis for the country’s sustainable development.

Thu Hang