Saturday, July 20,2024 - 3:47 GMT+7  Việt Nam EngLish 

Factors impacting industrial and commercial development identified 

 Tuesday, June 11,2024

AsemconnectVietnam - The Institute for Industry and Trade Strategy and Policy Research has identified factors that will impact industrial and commercial development.

According to Dr. Vuong Quang Luong - Head of Market Research and Forecasting Department, Institute for Industry and Trade Strategy and Policy Research, some impacts that may impact Vietnam's industrial and commercial development in the near future.
Specifically, the developments in the world's political and military situation directly impact commodity prices and the global supply chain, including important supply chains for the emerging economy like Vietnam. The trade dispute between the United States and China affects Vietnam's imports and exports.
In the first quarter of 2024, industrial production recovered strongly, with the target of IIP increasing by 7-8% in 2024, the Ministry of Industry and Trade and localities have been fiercely involved.
The trend of digital transformation and green transformation in the world affects the competitiveness of developing countries, including Vietnam.
Domestically, the efforts of the Government and ministries, branches and localities in macroeconomic management with many policies issued, create motivation for growth and the contribution of the Industry and Trade sector to the economic structure of the whole country.
The policy of regulating supply and demand and stabilizing the domestic market has created positive impacts on the production and circulation of goods, the prices of some essential goods are controlled; infrastructure is invested in and increasingly improved, creating motivation for the production and consumption of goods.
Vietnam's digital economic growth has achieved many achievements, contributing to supporting businesses to improve production and business efficiency and competitiveness of products.
The Industry and Trade sector continues to be the pillar of the economy. In the first 5 months of the year, industrial production and trade have achieved remarkable results.
The entire industrial production index in the first 5 months of 2024 was estimated to increase by 6.8% over the same period last year (the figures of the same period of 2023 decreased by 2.0%). The industrial production index in 5 months increased in 55 localities and decreased in 8 localities across the country compared to the same period last year.
Regarding imports and exports, the export turnover of goods was estimated at 156.77 billion USD, up by 15.2% over the same period last year. The imports of goods were estimated at 148.76 billion USD, up by 18.2% over the same period last year.
Given the factors that have been identified, the challenges the Industry and Trade sector must overcome to achieve the targets assigned by the National Assembly and the Government are huge. The Industry and Trade sector is trying to accompany localities and businesses to gradually overcome difficulties and achieve big goals.
Source: VITIC/


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