Northern industry and trade sector grows

(VEN) - Twenty-eight provinces and cities in the north have maintained stable industrial and trading growth rates over the first nine months of the year.

Northern industry and trade sector grows

The northern industry and trade sector recorded an industrial production value of more than VND1,762 trillion in the first nine months of the year

According to the Agency for Regional Industry Development (ARID) under the Ministry of Industry and Trade, the northern industry and trade sector recorded an estimated industrial production value of more than VND1,762 trillion in the first nine months of the year, a 19.2 percent increase over the same period last year, meeting 73.5 percent of the annual plan. Meanwhile, its export value was estimated to hit US$58.08 billion, a 24.2 percent increase, with import value estimated at US$66.5 billion, a 20.1 percent increase. The sector’s retail sales of goods and services totaled some VND841.62 trillion, a 14.9 percent increase.

Regional industrial production and trading activities have been improved over the first nine months of the year, yielding fairly good growth rates. The regional industrial restructuring saw positive changes, with increased proportions of processing and manufacturing industries which have contributed significantly to sectoral growth.

Enhanced import and export of electric and electronic appliances, garments and textiles and agricultural products have also contributed considerably to increasing foreign trade values. All exporters and importers have taken advantages of preferential policies based on bilateral and multilateral trade agreements Vietnam signed with several countries to boost trade with these markets.

However, the northern industry and trade sector has noted some difficulties in terms of consumer market expansion, raw material imports and competitiveness. The sector is viewed as having grown superficially and unstably over the first nine months of the year.

In addition, most exporters have failed to persify their range of export items, resulting in low competiveness abroad. They mainly exported half-processed products or outsourced goods from foreign-invested companies.

To overcome these shortcomings and fulfill the annual plan, the northern industry and trade sector has applied a series of solutions to remove corporate difficulties in production and trading, along with boosting regional production capacity based on domestic and foreign market demands, improving trade promotion activities in key markets and effectively controlling the import of non-essential goods and products already available in Vietnam.

Regional border gate trading has been facilitated, especially at auxiliary border gates and crossings. Warehouses and industry and trade areas have been invested and effectively exploited, along with the establishment of cross-border cooperation areas.

The regional industry and trade development links have been also improved, with a focus on commodity supplies and market expansion to remote areas.

Viet Nga

ven.vn

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