AsemconnectVietnam - The Ministry of Industry and Trade said that industrial production continues to recover positively, accordingly the IIP growth target of 7-8% in 2024 can be achieved.

Decisively taking action
The report assessing the implementation of the 2024 plan and the expected 2025 plan of the Industry and Trade sector has just been sent by the Ministry of Industry and Trade to the Ministry of Planning and Investment. According to the report, the Ministry of Industry and Trade highly appreciated the results that the industry has achieved in the first 6 months of 2024. Specifically, according to the Ministry of Industry and Trade, following the recovery momentum from the end of 2023, in the first months of 2024, industrial production showed improvement and contributed positively to the overall growth results of the whole economy.
The added value of the entire industrial sector in the first 6 months of 2024 was estimated to increase by 7.54% over the same period last year, with each quarter being higher than the previous quarter (the figures of the first quarter increased by 6.47% and the second quarter increased by 8.55%). In particular, the processing and manufacturing industry affirmed its leading role with a growth rate of 8.67% (the figures of the first quarter increased by 7.21% and the second quarter increased by 10.04%), contributing 2.14 percentage points to the total added value growth of the entire economy; the electricity production and distribution industry increased by 13.26%, contributing 0.5 percentage points.
The latest report from the Ministry of Industry and Trade informed that in the first 7 months of 2024, the index of the whole industry (IIP) was estimated to increase by 8.5% over the same period last year (the figure of the same period in 2023 decreased by 0.8%). Of which, the processing and manufacturing industry increased by 9.5% (the figure of the same period in 2023 decreased by 1.2%); the electricity production and distribution industry increased by 12.4% (the the figure of the same period in 2023 increased by 1.4%); the water supply, waste and wastewater management and treatment industry increased by 7.2% (the the figure of the same period in 2023 increased by 5.2%); the mining industry alone decreased by 6.2% (the the figure of the same period in 2023 decreased by 2.0%).
Industrial production increased across the board. The industrial production index in the first 7 months of 2024 compared to the same period last year increased in 60 localities and decreased in 03 localities nationwide. Some localities had a fairly high increase in the IIP index due to the processing and manufacturing industry; the electricity production and distribution industry increased.
Due to the good recovery of industrial production, the processing and manufacturing industries are expected to complete the set plan.
The Ministry of Industry and Trade assessed that, based on the situation and growth potential of the industries analyzed above and on the basis of developments in the domestic and world situations, along with the current growth momentum (in the first 6 months of 2024, IIP increased by 7.7% over the same period), achieving the target of the industrial production index (IIP) in 2024 from 7 - 8% is achievable.
Achieving this result, some economic experts believe that the Ministry of Industry and Trade and localities have been taking drastic actions, local associations and industries have also actively strengthened business connection activities, promoting product consumption. Enterprises restructure, reduce costs and production prices to enhance product competitiveness, thereby improving efficiency and adapting flexibly to the new situation.
In 2025 IIP continues to "keep pace" growth
According to the Ministry of Industry and Trade, entering 2025, the world context has major and unpredictable changes with many intertwined opportunities and challenges. Talking to the Industry and Trade Newspaper about solutions to "keep pace" industrial growth in the last months of the year and in 2025, Mr. Pham Tuan Anh - Deputy Director of the Department of Industry (under the Ministry of Industry and Trade) said that the Ministry of Industry and Trade will focus on solutions to increase added value for domestic industrial production, promote the implementation of the Supporting Industry Development Program. “The Ministry of Industry and Trade will closely coordinate with localities, associations, and enterprises to closely follow the regional and world market situation, creating maximum convenience for customs clearance, export, and import of goods, especially raw materials and accessories for domestic production,” said Mr. Pham Tuan Anh.
The Ministry of Industry and Trade also proposed specific plans, orientations, tasks, and solutions for industrial production development in 2025:
First, focus on perfecting the industrial development institution, in which, focusing on perfecting the state management mechanism for industrial development, limiting overlap, ensuring stability, consistency, and encouraging production development.
Based on the viewpoints, directions and directions of the Government and the Prime Minister, from the beginning of 2024, the Ministry of Industry and Trade has thoroughly grasped and specified in programs and action plans; focused on reviewing, organizing and implementing the key tasks and solutions promptly and drastically; promptly removing difficulties and obstacles to mobilize all resources for industrial development.
Second, improve the operational efficiency and competitiveness of industrial production enterprises. Continue to promote the restructuring of the industrial sector and the restructuring of enterprises, economic groups and state-owned corporations according to the approved Project. Develop mechanisms and roadmaps for developing the number of industrial production enterprises, paying special attention to developing supporting enterprises. Have mechanisms to create conditions for Vietnamese industrial enterprises to have opportunities to exchange and connect with businesses as well as promote, attract and seek investment partners from abroad.
Third, focus on improving the quality of human resources for industrial development. Promote the application of achievements of the 4.0 industrial revolution in industrial production. Focus on investing in building a number of scientific and technological research facilities with sufficient capacity to absorb and master new technologies, and create technologies to serve the development of priority industrial sectors and fields. Increase investment, promote research and development (R&D) activities to be able to research, design, and manufacture a number of high-tech products, while expanding national scientific and technological cooperation with strategic partners. Fourth, increase investment attraction for industrial development. Complete the system of preferential and open policies associated with propaganda and investment promotion to attract capital sources in society and foreign investment to participate in investing in industrial development. Encourage enterprises to expand the scale of investment in both capital and scope. Calling on large, multinational corporations to invest in important projects in the list of national key projects calling for FDI.
Providing additional solutions for industrial development in the coming time, the leader of the Department of Industry affirmed that it will continue to promote the restructuring of the industrial sector towards increasing the proportion of processing and manufacturing industries and reducing the proportion of processing and assembling for industrial products manufactured in Vietnam; gradually removing difficulties for enterprises to increase competitiveness, building technical barriers for imported products to support domestic products, increasing the localization rate, etc.
CK
Source: VITIC/congthuong.vn