Vietnam unleashes internal resources for new development phase

06:00 | 01/02/2022 Origin of Goods

(VEN) - The industry and trade sector has created a fairly solid foundation for a new development phase. Minister of Industry and Trade Nguyen Hong Dien talked about 2021 achievements and key 2022 tasks in an interview with Vietnam Economic News’ Dinh Linh Lan.

vietnam unleashes internal resources for new development phase
Minister of Industry and Trade Nguyen Hong Dien

Vietnam’s export-import turnover reached nearly US$670 billion in 2021, placing the country among the world’s top 20 economies in terms of international trade. To what do you ascribe these results?

The year 2021 was a turbulent year for economies around the world, including Vietnam, due to the complicated developments of the Covid-19 pandemic.

Under close direction of the government and the prime minister, and the timely and effective participation of ministries, departments, localities, trade promotion organizations and the business community, production and exports were maintained, contributing to the impressive results of Vietnamese trade.

By the end of 2021, Vietnam’s export-import turnover reached an estimated US$670 billion, an increase of nearly 23 percent compared to 2020. Of the total, the country’s exports surged by more than 19 percent, resulting in a trade surplus of US$4 billion.

The year 2021 saw 35 categories of exports earning more than US$1 billion each, of which eight generated over US$10 billion each.

Vietnam had made good use of free trade agreements to which the country is a signatory. Vietnam’s exports to the EU and the UK increased by 14.2 percent and 15.4 percent, respectively, while exports to member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also recorded high growth, such as 19.5 percent to Canada, 46.1 percent to Mexico, and 84.3 percent to Peru.

How did the Ministry of Industry and Trade strengthen supply-demand connections and maintain supply chains?

The fourth outbreak of the Covid-19 pandemic in Vietnam caused supply chain disruptions of essential goods, such as food and foodstuff.

Under the direction of the government, the Ministry of Industry and Trade coordinated with ministries, departments and localities to overcome difficulties and ensure the smooth circulation and transportation of goods, while providing support for trade and production activities and exports.

In particular, the ministry mobilized support from businesses that have participated in the Buy Vietnamese Goods campaign to help people access essential goods, such as food and foodstuff, and anti-pandemic products.

During the pandemic peak in Ho Chi Minh City and the southern provinces, no sudden increase in prices were recorded reflecting sufficient supplies and good business preparation to meet demand for essential goods.

What are the sector’s key tasks in 2022?

With a population of nearly 100 million people, Vietnam is considered to have a fairly good digital economy development rate in the ASEAN region. In 2022, the digital economy is forecast to change global supply chains and the supply and demand mechanism of the domestic market. Digital economy development is associated with renewing the growth model towards improving productivity, quality, efficiency and competitiveness.

The Ministry of Industry and Trade will focus on deploying the Vietnam National Single Window mechanism, the ASEAN Single Window mechanism, certificate of origin (form EAV); modifying the EcoSys system to allow issuance of electronic certificates of origin (forms D, E, AHK, AK/VK, AANZ, AI, AJ/VJ and VC) with electronic signature, and seal and QR codes for authentication, in order to facilitate export-import activities amid the complicated developments of the Covid-19 pandemic.

The ministry will also strengthen the application of scientific and technological achievements, promote innovation and enhance the quality of human resources to create a basic foundation for improvements of productivity, quality, added value and competitiveness.

Dinh Linh Lan