A comprehensive set of long-term and robust solutions is required to ensure stable and sustainable growth for the industrial sectors.
Providing in-depth information on the recovery of the industrial sector in the first seven months of 2024 at the regular Government press conference on the afternoon of August 5, Deputy Minister of Industry and Trade Phan Thi Thang stated that “there are many noteworthy bright spots.”
Key indicators saw significant increases, such as the July 2024 PMI for manufacturing, which reached 54.7 points, marking four consecutive months of growth and the highest level since November 2018. The growth rate of industrial production in July was higher than in June and the highest since March 2011. The Index-Industry Products (IIP) for the first seven months increased by 8.5% compared to the same period last year, the highest cumulative level since February 2024, with the manufacturing and processing industries growing by as much as 9.5%.
Industrial production growth was widespread across 60 out of 63 localities in July, with only three localities recording declines. Some localities with high growth rates included Khanh Hoa, Bac Giang, Hai Phong, and Quang Ninh,…
The increase in the consumption index in the manufacturing and processing sectors helped reduce inventory levels compared to the same period last year.
Several key industrial products saw significant increases compared to the previous year, such as steel bars and angles, fabric made from natural fibers, rolled steel, NPK compound fertilizers, and electricity production,…
“The growth results of the industrial sector in general, and the manufacturing and processing sectors in particular, reflect a very positive picture of domestic production,” Deputy Minister Phan Thi Thang affirmed.
However, the Deputy Minister also highlighted four challenges that the economy in general, and industrial production in particular, will face in the near future. These include the still weak internal strength of domestic production sectors; the incomplete recovery of industrial production; the rapidly changing, complex, and unpredictable global and regional situation; and the domestic market’s growth being lower than the same period last year, with domestic prices under pressure to rise following the implementation of some new policies.
Therefore, the Ministry of Industry and Trade believes that a comprehensive set of long-term and robust solutions is required to ensure stable and sustainable growth for the industrial sectors.
The Deputy Minister affirmed that, in the near future, the Ministry of Industry and Trade will implement four groups of solutions to continue promoting industrial production.
First, proactively and effectively implement the support policies for businesses that have been approved by the Government, thereby addressing difficulties and obstacles in the production and business activities of enterprises, especially in key export industries such as textiles, footwear, and foundational sectors such as automobiles, mechanics, and steel,…; promote the operation of new industrial production projects to serve both exports and domestic consumption, thereby creating additional capacity for production development and sources of goods for export.
Second, focus on advising the completion of institutions, policies, laws, and development strategies for certain foundational industries, prioritizing the basis for new growth resources in both the short and long term.
Third, continue to effectively implement working programs with localities and existing business support programs to restore and promote industrial growth in key localities and economic regions.
Fourth, support businesses to continue taking advantage of opportunities from large public investment projects and the Government’s policies to revive the real estate market; encourage the increased purchase of domestically produced goods, minimize the use of imported products and materials that can be produced domestically; and vigorously seek new markets for key export sectors such as textiles, footwear, and electronics.
