Industrial production up 5.9% annually

The Ministry of Industry and Trade (MoIT) announced the figure on January 10 at a conference held in Hanoi to devise tasks for 2014.

Inventory stockpiling in the processing and manufacturing industries also show improvement as its rate has dipped from 21.5% in January 2013 to 10.2% in December 2013, according to the MoIT.

The total retail goods and services turnover in December rose 12.6% from last year’s same period which indicates the domestic market is expanding and moving in a positive direction.

Additionally, according to the MoIT, the retail sector continues to focus on the promotion of exports and the goal of maintaining a trade surplus.

Total export value in 2013 rose 15.4% compared to a year earlier to US$132.17 billion-higher than the National Assembly’s target-while total imports increased 15.4% to US$131.3 billion.

Export growth and import growth rates remained steady in 2013 and Vietnam’s annual trade surplus was a much improved US$863 million on the back of growth in the processing industry.

Export restructuring in response to industrialisation and the 2011–2020 import-export development strategy with a vision for 2030 was also a key component positively affecting the improved trade surplus.

2013 was considered a successful year of Vietnam’s international integration. The MoIT and other ministries actively participated in important international events such as negotiating free trade agreements and working to strengthen cooperation in ASEAN, APEC, WTO and other international organisations.

 Progress was also seen in administrative reform, organisational apparatus, anti-corruption and thrift practice, and anti wastefulness.

The MoIT set its goals to fulfill tasks for the 2014-2015 period, such as keeping supply and demand in balance of essential goods for the national economy in all circumstances, effectively implementing market stabilisation plans and programs, especially during holidays and Lunar New Year (Tet) and control prices according to market mechanism under State regulation on electricity, coal, petroleum and public services.

It will strive to promote sustainable export growth, which is considered the driving force for economic growth, and work to raise the proportion of processing and hi-tech products, control the trade deficit, and limit imports of non-essential consumer goods.