The Ministry of Industry and Trade prioritizes controlling inflation and stabilizing commodity prices.

The conference, chaired at the Hanoi venue, was attended by Comrade Nguyen Hong Dien, Member of the Central Committee of the Communist Party of Vietnam and Minister of Industry and Trade. Also present were representatives from relevant ministries and agencies, representatives from the Market Management Departments of provinces and cities, and representatives from the business community.

Presiding at the Nghe An location was Mr. Pham Van Hoa, Director of the Department of Industry and Trade. Also in attendance were representatives from relevant departments and agencies.

Delegates from Nghe An province observe the conference on implementing tasks for the Industry and Trade sector in the last six months of the year. Photo: Nguyen Hai.

Opening the conference, Minister Nguyen Hong Dien spoke on behalf of...Ministry of Industry and TradeThe opening remarks outlined the socio-economic context and situation in the first six months of the year, geopolitical factors affecting market prices, supply chains, and input materials for the economy. Measures were also discussed.COVID-19 prevention and controland the economic recovery management solutions of the Government, the Ministry of Industry and Trade, etc.

As a result, after the first six months of the year, most socio-economic indicators have met or exceeded the set targets; the added value of the industrial sector increased by 8.48%, higher than the overall growth rate of the entire economy and the same period last year; the scale of industrial production continued to expand with the industrial production index (IIP) increasing by 8.7% compared to the same period last year; various industry groups experienced rapid recovery; and the consumption and inventory indices of the entire manufacturing industry improved positively.

In the import and export sector, total turnover in the first six months of the year is estimated at over 371.3 billion USD, of which export turnover increased by 17.3% compared to the same period last year, reaching over 186 billion USD; exports from the domestic economic sector increased more than those from the foreign direct investment (FDI) sector; exports increased steadily across all product groups; in the first six months, 29 product categories achieved export turnover exceeding 1 billion USD; businesses have made good use of Free Trade Agreements (FTAs); import turnover reached 185.3 billion USD, and the trade balance continued to maintain a surplus of 743 million USD.

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

The domestic market remained stable, with total retail sales and revenue recovering positively; most localities actively implemented promotional programs, stimulated demand, and connected goods consumption; e-commerce continued to be an important distribution method. In the first six months of the year, the global market experienced significant fluctuations, and domestic commodity prices were affected by world prices, but the industry proactively coordinated with relevant ministries and agencies and proposed solutions to the Government to support and alleviate 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, with legal frameworks for management and operation becoming increasingly complete and perfected.

After the COVID-19 pandemic was largely brought under control and the country transitioned to a new normal, trade and goods exchange activities returned to normal. Photo: Nguyen Hai

In addition to the positive results mentioned above, at the conference, representatives from the relevant departments and a number of localities presented papers detailing the results and experiences of management and administration in their respective areas, while also pointing out existing shortcomings, their causes, and proposed solutions.

In Nghe An province, the gross regional domestic product (GRDP) for the first six months of the year is estimated at VND 46,426 billion, an increase of 8.44% (with industry alone estimated at VND 7,509 billion, an increase of 12.67% compared to the same period in 2021). Basic indicators in the industrial and commercial sectors all showed high growth compared to the same period in 2021 and met planned targets. Specifically, industrial production value reached approximately VND 41,625 billion, an increase of 12.6% compared to 2021, achieving 45% of the plan. Total retail sales of goods are estimated at VND 42,758 billion, an increase of 28.83% compared to the same period in 2021, achieving 57.78% of the plan and exceeding the scenario by 15.56%.

Prioritizing digital transformation in trade promotion activities of the Ministry of Industry and Trade from now until the end of 2022. (Photo: Nghe An Newspaper archives)

According to the Ministry of Industry and Trade, the industry's goal of achieving a 7-8% increase in the Industrial Production Index (IIP) in the last six months of the year, maintaining a trade surplus and export turnover, and increasing total retail sales of goods and consumer services by 8% is quite challenging.

Currently, the geopolitical situation and market prices remain quite complex; therefore, the Ministry of Industry and Trade will focus on managing the situation through the following groups of solutions: continuing to comprehensively and decisively implement the tasks and solutions assigned according to Resolutions 01 and 02 of the Government and...Economic recovery program;Focus on removing obstacles for businesses; give high priority to solutions to curb inflation, stabilize supply and demand and prices; boost exports, promote production development; strengthen discipline and streamline the apparatus, improve the efficiency and effectiveness of management, and emphasize the responsibility of the head of the organization.

Viewing presentations and reports from departments and divisions under the Ministry of Industry and Trade and some localities. Photo: Nguyen Hai

Based on the feedback received during the discussion, the representative from the Ministry of Industry and Trade concluded the meeting, expressing strong agreement with the proposed solutions in the draft, but also suggesting some more decisive yet flexible and proactive measures to stabilize fish prices.controlling inflationand maintain growth targets.