A Voice of Vietnam Radio reporter interviewed Minister of Industry and Trade (MoIT) Vu Huy Hoang.

Reporter: Do you feel with the result achieved by the industry and trade sector in 2007?

Mr Hoang: The most satisfying result is that the industry and trade sector continued to maintain a high growth rate of 17 percent and that its export turnover rose by 20 percent from the 2006 figure, fetching US$48 billion. In addition, the sector ensured a sufficient supply of essential goods and closely worked with other ministries and sectors to implement Vietnam’s commitments to the WTO and the continued negotiations of bilateral and multilateral agreements on economic cooperation.

Reporter: In the past year the country has been confronted with many burning issues related to sharp increases in consumer price index (CPI) and import surplus. What is the responsibility of the MoIT for dealing with such issues?

Mr Hoang: Despite our great efforts in controlling the domestic market, the sector had to take part of the responsibility for its failure to put CPI under strict control, the prediction of strong fluctuations in prices on the world market which affected the domestic market. In terms of import surplus, the dependence on imported products and a weakness in grasping the rule of supply and demand of the market situation resulted in big differences between exports and imports

Reporter: Which measures will the Ministry intensify to realize the sector’s set targets?

Minister Hoang: It is essential to reorganize the apparatus of the Ministry of Industry and Trade, which has just been established under the merger of the Ministry of Trade and the Minister of Industry. The stability in the Ministry’s organization and its function is an important factor that helps the sector fulfill tasks assigned by the Government and National Assembly. In addition, detailed action plans are needed to meet requirements in the current context as Vietnam has become a member of the World Trade Organization (WTO). It is also necessary to pay due attention to boosting production and consumption activities, as well as export promotion.

Reporter: Vietnam will integrate more deeply in the global economy with more committees in 2008. What measures will the Ministry have to assist businesses in their integration process?

Minister Hoang: 2008 is the second year Vietnam will implement WTO commitments. Following the Government’s directions, the industry and trade sector together with other ministries, agencies and localities will review initial results and point out shortcomings in the implementation of the WTO commitments in 2007. The sector will enjoy more opportunities but will face great challenges in 2008 as the current world situation has seen strong cooperation amongst countries and economies. Increasing requirements in terms of trade and investment will also pose challenges for Vietnamese businesses and products. Therefore, active and effective measures should be implemented by the industry and trade sector, as well as other ministries, agencies and localities in order to help the country successfully integrate into the global economy.