Rice bags are loaded onto a vessel for shipment. Vietnam is one the biggest rice exporters in the world. (Photo: VNA)1. Recovery of industrial production
Thanks to efforts to tackle difficulties, the index of industrialproduction in 2022 is set to grow by over 9% year on year, compared to the 4.8% in 2021, meeting the target of 8.5 - 9%.
The growth in industrial added value is also estimated at about 9%,higher than last year’s 4.82% and the sector’s target of 6.4 - 7.3%.
2. Trade surplus recorded for seventh straight year
Total export and import value stands at about 732 billion USD in 2022,rising by some 10% from last year. In particular, exports increased 10.5% toabout 371.5 billion USD, surpassing the target of 8% set by the NationalAssembly and the Government.
With this result, Vietnam has posted tradesurplus, nearly 11 billion USD, for seven years in a row, helping raise the foreignexchange reserves, and stabilise exchange rates and other macro-economicindexes.
3. Substantive integration intoglobal economy
Amid unprecedented changes in the world, the MoIT has taken concertedmeasures to enhance the economy’s self-reliance and self-resilience, thus helping facilitateexports and foreign investment attraction so as to further fuel economicdevelopment and improve the country’s stature.
Exports to new markets undernew-generation free trade agreements (FTAs) have gone up by over 20%, even morethan 30% in some markets, much faster than overall export growth. That hashelped diversify export markets, avoid overdependence on certain ones, and boostthe shipments of commodities with higher technological content and added value.
Vietnam has also maintained andstrengthened ties with traditional, neighbouring, and major partners to createfavourable conditions for trading and investment activities.
Industrial production has rebounded strongly after the COVID-19 pandemic. (Photo: VNA)4. Fifth place globally in e-commercegrowth
Vietnam’s retail e-commerce market in 2022 is valued at around 16.4billion USD, making up 7.5% of total consumer goods and service revenue.
With an annual pace of 20%, the country was listed among the fivecountries with the fastest e-commerce growth in the world by eMarketer.
Vietnam’s retail e-commerce market in 2022 is valued at around 16.4billion USD, making up 7.5% of total consumer goods and service revenue.
With an annual pace of 20%, the country was listed among the fivecountries with the fastest e-commerce growth in the world by eMarketer.
5. Overseas trade offices’ activecontributions to export growth
Under the Prime Minister and MoITMinister’s directions, the ministry has held trade promotion meetings betweenVietnam’s trade offices abroad and domestic localities, business associations,enterprises, and related agencies to provide updated information about foreignmarkets and give timely recommendations to enterprises. The national tradepromotion programme has also been stepped up to effectively assist localities,business associations, and enterprises.
As a result, the effectiveness ofoverseas trade offices’ operations has been improved considerably, greatlycontributing to the export success this year.
6. Trade remedies’ role in protectingdomestic market
Amid Vietnam’s intensive andextensive economic integration into the world, especially its participation innew-generation FTAs, the MoIT has proactively and effectively carried out tradedefence measures to guarantee a fair competition environment and protect legitimateinterests of domestic production sectors.
Those remedies have had positiveimpacts on some important industries, helping ensure jobs and income forfarmers and workers.
7. Strong growth of domestic market
Under the MoIT’s directions, most of localities and consumer goodsproducing and trading businesses nationwide have overcome difficulties to ensuresupply to meet an increase in consumer demand, especially during majoranniversaries and the Lunar New Year (Tet) holiday.
After a decrease for two consecutiveyears due to the COVID-19 pandemic, total retail sales of goods this year hasbounced back strongly to nearly 5.64 quadrillion VND (239 billion USD), up 21%from 2021, compared to the target of 8%.
Abundant goods supply has contributed to market stability. (Photo: VNA)In 2022, electricity supply of theentire system nationwide has been guaranteed to meet production and dailyactivities, especially during big anniversaries, holidays, and major political,cultural, and sports events.
9. MoIT’s organisational structureconsolidated
On November 29, 2022, the Governmentissued Decree No 96/2022/ND-CP, which stipulates the functions, tasks, power,and organisational structure of the MoIT. This decree replaced Decree No 98/2017/ND-CP,dated August 18, 2017, and came into force on December 1, 2022.
10. National Assembly’s approval ofrevised Petroleum Law
The 15th-tenure National Assembly approved the revisedPetroleum 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 optimalenvironment for attracting more investment to oil and gas-related activities, therebyhelping increase the state budget revenue, ensure energy security, andsafeguard Vietnam’s maritime sovereignty./.
VNA
