TEN MOST NOTABLE EVENTS OF INDUSTRY, TRADE SECTOR ANNOUNCED

Việt Nam's industry and trade sector has obtained encouraging results in 2022, contributing to the national socio-economic development. The following is a list of the ten most outstanding events of the year as selected by the Ministry of Industry and Trade (MoIT).

1. Recovery of industrial production

Thanks to efforts to tackle difficulties, the index of industrial production in 2022 is set to grow by over 9 per cent year on year, compared to 4.8 per cent in 2021, meeting the target of 8.5 – 9 per cent.

The growth in industrial added value is also estimated at 9 per cent, higher than last year’s 4.82 per cent and the sector’s target of 6.4 - 7.3 per cent.

2. Trade surplus recorded for a seventh straight year

Total export and import value stand at about US$732 billion in 2022, rising by some 10 per cent from last year. In particular, exports increased 10.5 per cent to about $371.5 billion, surpassing the target of 8 per cent set by the National Assembly and the Government.

With this result, Việt Nam has posted a trade surplus of nearly $11 billion for seven years in a row, helping raise the foreign exchange reserves and stabilise exchange rates and other macro-economic indexes.

3. Substantive integration into global economy

Amid unprecedented changes in the world, the MoIT has taken concerted measures to enhance the economy’s self-reliance and self-resilience, thus helping facilitate exports and foreign investment attraction to further fuel economic development and improve the country’s stature.

Exports to new markets under new-generation free trade agreements (FTAs) have gone up by over 20 per cent, even more than 30 per cent in some markets, much faster than overall export growth. That has helped diversify export markets, avoid overdependence on certain ones, and boost the shipments of commodities with higher technological content and added value.

Việt Nam has also maintained and strengthened ties with traditional, neighbouring, and major partners to create favourable trading and investment activities conditions.

4. Fifth place globally in e-commerce growth

Việt Nam’s retail e-commerce market in 2022 is valued at around $16.4 billion, making up 7.5 per cent of total consumer goods and service revenue.

With an annual pace of 20 per cent, the country was listed among the five countries with the fastest e-commerce growth globally by eMarketer.

5. Overseas trade offices’ active contributions to export growth

Under the Prime Minister and MoIT Minister’s directions, the ministry has held trade promotion meetings between Vietnam’s trade offices abroad and domestic localities, business associations, enterprises, and related agencies to provide updated information about foreign markets and give timely recommendations to enterprises. The national trade promotion programme has also been stepped up to assist localities, business associations, and enterprises effectively.

As a result, the effectiveness of overseas trade offices’ operations has been improved considerably, greatly contributing to export success this year.

6. Trade remedies’ role in protecting domestic market

Amid Việt Nam’s intensive and extensive economic integration into the world, especially its participation in new-generation FTAs, the MoIT has proactively and effectively carried out trade defence measures to guarantee a fair competition environment and protect legitimate interests of domestic production sectors.

Those remedies have positively impacted some important industries, helping ensure jobs and income for farmers and workers.

7. Strong growth of domestic market

Under the MoIT’s directions, most localities and consumer goods-producing and trading businesses nationwide have overcome difficulties ensuring supply to meet consumer demand increase, especially during major anniversaries and the Lunar New Year (Tết) Holiday.

After a decrease for two consecutive years due to the COVID-19 pandemic, total retail sales of goods this year have bounced back strongly to nearly VNĐ5.64 quadrillion ($239 billion), up 21 per cent from 2021, compared to the target of 8 per cent.

8. Safe, sufficient, stable electricity supply for production, daily use

In 2022, the electricity supply of the entire system nationwide has been guaranteed to meet production and daily activities, especially during big anniversaries, holidays, and major political, cultural, and sports events.

9. MoIT’s organisational structure consolidated

On November 29, 2022, the Government issued Decree No 96/2022/NĐ-CP, which stipulates the functions, tasks, power, and organisational structure of the MoIT. This decree replaced Decree No 98/2017/NĐ-CP, dated August 18, 2017, and came into force on December 1, 2022.

10. National Assembly’s approval of revised Petroleum Law

The 15th-tenure National Assembly approved the revised Petroleum Law, No 12/2022/QH15, on November 14 as part of its fourth session.

Comprising 11 chapters with 69 articles, the law will take effect on July 1, 2023. It is expected to create an optimal environment for attracting more investment to oil and gas-related activities, thereby helping increase the state budget revenue, ensure energy security, and safeguard Việt Nam’s maritime sovereignty.

Source: VNS