Industry and Trade sector prioritizes curbing inflation and stabilizing commodity prices

The conference at the Hanoi bridge was chaired by comrade Nguyen Hong Dien - Member of the Party Central Committee, Minister of Industry and Trade. Also attending were representatives of relevant ministries and branches, representatives of the Market Management Department of provinces and cities and representatives of the business community.

Chairing at Nghe An bridge point was comrade Pham Van Hoa - Director of Department of Industry and Trade. Also attending were representatives of relevant departments and branches.

Nghe An delegates follow the Conference on deploying tasks of the Industry and Trade sector in the last 6 months of the year. Photo: Nguyen Hai

Opening the conference, Minister Nguyen Hong Dien representedMinistry of Industry and TradeThe opening speech outlined the context and socio-economic situation in the first 6 months of the year, geopolitical factors affecting the price market, supply chain and input materials for the economy. MeasuresCovid-19 preventionand economic recovery management solutions of the Government, Ministry of Industry and Trade...

Thanks to that, after the first 6 months of the year, basically all socio-economic indicators reached and exceeded the set level, the added value of the industrial sector increased by 8.48%, higher than the general growth rate of the whole economy and the same period last year; the scale of industrial production continued to expand with the industrial index IIP increasing by 8.7% over the same period last year; industry groups recovered quickly; the consumption index and inventory index of the entire processing and manufacturing industry improved in a positive direction.

In the field of import and export, the total turnover in the first 6 months of the year is estimated at over 371.3 billion USD, of which export turnover increased by 17.3% over the same period, reaching over 186 billion USD; exports of the domestic economic sector increased higher than those of the FDI economic sector; exports increased steadily in all commodity groups; in the first 6 months of the year, there were 29 commodities with export turnover of over 1 billion USD, enterprises took full advantage of the FTAs, import turnover of goods reached 185.3 billion USD, the trade balance continued to maintain a trade surplus of 743 million USD.

Businesses and customers exchange and connect at a trade and investment promotion conference organized by Nghe An after the Covid-19 pandemic and economic recovery. Photo: Nguyen Hai

The domestic market continues to be stable, total retail sales of goods and revenue have recovered positively; most localities have actively implemented promotional programs, stimulate demand, and connect goods consumption; e-commerce continues to become an important distribution method. In the first 6 months of the year, the world market has fluctuated a lot, domestic goods prices are affected by world prices, but the industry has proactively coordinated with relevant ministries and branches and proposed to the Government solutions to support and remove difficulties for people and businesses.

Along with regulating goods and managing supply and demand, state management of industry and trade continues to achieve positive results, and the legal framework for management and operation is increasingly complete and perfect.

After basically controlling the Covid-19 epidemic and moving to a new normal state, trading and goods exchange activities have returned to normal. Photo: Nguyen Hai

In addition to the above positive results, at the conference, representatives of the Departments, affiliated divisions and some localities gave presentations clearly stating the results and management experience in their localities, and at the same time pointed out the existing limitations, causes and solutions.

In Nghe An, in the first 6 months of the year, the total GRDP is estimated at 46,426 billion VND, up 8.44% (industry alone is estimated at 7,509 billion VND, up 12.67% over the same period in 2021). The basic indicators of the industrial and commercial sectors all grew strongly compared to the same period in 2021 and ensured the plan's progress. In particular, the industrial production value reached about 41,625 billion VND, up 12.6% over 2021, reaching 45% of the plan. Total retail sales of goods are estimated at 42,758 billion VND, up 28.83% over the same period in 2021, reaching 57.78%/plan, exceeding 15.56% of the scenario.

Prioritize digital transformation in trade promotion activities of the Industry and Trade sector from now until the end of 2022. Photo courtesy of Nghe An Newspaper

According to the Ministry of Industry and Trade, in the last 6 months of the year, the industry strives for an IIP increase of 7-8%, maintaining trade surplus and export turnover, and total retail sales of goods and consumer services increasing by 8%, which is quite a pressure.

Currently, the geopolitical situation and price market are still quite complicated, so the Industry and Trade sector will focus on operating according to groups of solutions, which are to continue to synchronously and drastically implement the assigned tasks and solutions according to Resolutions 01 and 02 of the Government.Economic recovery program;Focus on removing difficulties for businesses; give high priority to solutions to control inflation, stabilize supply and demand, and prices; boost exports, promote production development; strengthen discipline, order, and streamline the apparatus, improve efficiency and effectiveness of management, and promote the responsibility of leaders.

Follow the reports of the Departments and Divisions under the Ministry of Industry and Trade and some localities. Photo: Nguyen Hai

Based on the comments received, the representative of the Ministry of Industry and Trade concluded the working session, in which he highly agreed with the groups of solutions proposed in the draft but also supplemented some solutions for drastic but more flexible and proactive direction and management to stabilize fish prices.control inflationand maintain growth targets./.