 |
Rice bags are loaded onto a vessel for shipment. Vietnam is one the biggest rice exporters in the world. (Photo: VNA) |
The following is a list of the 10 most outstanding events of the year as selected by the Ministry of Industry and Trade (MoIT).
1. Recovery of industrial production
Thanks to efforts to tackle difficulties, the index of industrial production in 2022 is set to grow by over 9 percent year on year, compared to the 4.8 percent in 2021, meeting the target of 8.5 - 9 percent.
The growth in industrial added value is also estimated at about 9 percent, higher than last year’s 4.82 percent and the sector’s target of 6.4 - 7.3 percent.
2. Trade surplus recorded for seventh straight year
Total export and import value stands at about US$732 billion in 2022, rising by some 10 percent from last year. In particular, exports increased 10.5 percent to about US$371.5 billion, surpassing the target of 8 percent set by the National Assembly and the Government.
With this result, Vietnam has posted a trade surplus, of nearly US$11 billion, for seven years in a row, helping raise the foreign exchange reserves and stabilize exchange rates and other macroeconomic indexes.
3. Substantive integration into global economy
Amid unprecedented changes in the world, the MoIT has taken concerted measures to enhance the economy’s self-reliance and self-resilience, thus helping facilitate exports and foreign investment attraction so as to further fuel economic development and improve the country’s stature.
Exports to new markets under new-generation free trade agreements (FTAs) have gone up by over 20 percent, even more than 30 percent in some markets, much faster than overall export growth. That has helped diversify export markets, avoid overdependence on certain ones, and boost the shipments of commodities with higher technological content and added value.
Vietnam has also maintained and strengthened ties with traditional, neighbouring, and major partners to create favourable conditions for trading and investment activities.
4. Fifth place globally in e-commerce growth
Vietnam’s retail e-commerce market in 2022 is valued at around US$16.4 billion, making up 7.5 percent of total consumer goods and service revenue.
With an annual pace of 20 percent, the country was listed among the five countries with the fastest e-commerce growth in the world by eMarketer.
5. Overseas trade offices’ active contributions to export growth
Under the Prime Minister and MoIT Minister’s directions, the ministry has held trade promotion meetings between Vietnam’s trade offices abroad and domestic localities, business associations, enterprises, and related agencies to provide updated information about foreign markets and give timely recommendations to enterprises. The national trade promotion programme has also been stepped up to effectively assist localities, business associations, and enterprises.
As a result, the effectiveness of overseas trade offices’ operations has been improved considerably, greatly contributing to export success this year.
 |
The abundant goods supply has contributed to market stability. (Photo: VNA) |
6. Trade remedies’ role in protecting the domestic market
Amid Vietnam’s intensive and extensive economic integration into the world, especially its participation in new-generation FTAs, the MoIT has proactively and effectively carried out trade defence measures to guarantee a fair competition environment and protect legitimate interests of domestic production sectors.
Those remedies have had positive impacts on some important industries, helping ensure jobs and income for farmers and workers.
7. Strong growth of the domestic market
Under the MoIT’s directions, most of the localities and consumer goods producing and trading businesses nationwide have overcome difficulties to ensure supply to meet an increase in consumer demand, especially during major anniversaries and the Lunar New Year (Tet) holiday.
After a decrease for two consecutive years due to the Covid-19 pandemic, total retail sales of goods this year have bounced back strongly to nearly VND5.64 quadrillion (US$239 billion), up 21 percent from 2021, compared to the target of 8 percent.
8. Safe, sufficient, stable electricity supply for production, daily use
In 2022, the electricity supply of the entire system nationwide has been guaranteed to meet production and daily activities, especially during big anniversaries, holidays, and major political, cultural, and sports events.
9. MoIT’s organisational structure consolidated
On November 29, 2022, the Government issued 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 of revised Petroleum Law
The 15th-tenure National Assembly approved the revised Petroleum 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 optimal environment for attracting more investment to oil and gas-related activities, thereby helping increase the state budget revenue, ensure energy security, and safeguard Vietnam’s maritime sovereignty.
