Vietnam industry & trade sector looks good in early 2024

Industrial production experienced a robust recovery of 18.3%, and exports surged 42% in January. (Photo: VNA)

The strong recovery of industrial production, the exponential rise in exports, abundant goods supply, and good revenue from services in January paint a rosy picture for the domestic industry and trade sector this year, heard an online conference held by the Ministry of Industry and Trade (MoIT) on February 16.

Ngo Quang Trung, head of the MoIT’s Agency for Regional Industry and Trade, reported that industrial production experienced a robust recovery of 18.3%, and exports surged 42% last month.

The ministry issued directives, asking stakeholders to put in place a market stabilisation programme, focusing on ensuring the supply of essential food items at stable prices during the Lunar New Year (Tet) festival, which lasted from February 8-14.

Additionally, it brought made-in-Vietnam products to rural, mountainous and island areas, while intensifying market inspections and controls to prevent smuggling and trade fraud.

Notably, the ministry held working sessions with the Departments of Industry and Trade of Hanoi and Ho Chi Minh City over preparations for Tet in localities, he said.

Trung stressed that the total value of Tet stockpiles by businesses increased by around 10-12% as compared to other months, adding the market stabilisation programme was rolled out in many localities and responded by various enterprises, including major retailers like Saigon Co.op, Central Retail, MM Mega Market, Lotte and BRG Mart.

Market management forces worked round the clock during the festival, effectively materialising the directives of the National Steering Committee for Anti-smuggling, Counterfeit Goods and Trade Fraud (National Steering Committee 389) and the ministry.

Most businesses suspended production during the holiday, except for some in steel, paper, cement, electronics, and automotive industries, which still maintained part of their production.

The supply of electricity to the national power grid was ensured both before and during Tet, with no major incidents reported, the official said./.