Conference discusses ways to promote production, domestic consumption, and exports

As part of his address at the event, Minister of Industry and Trade Nguyen Hong Dien said that 2022 was a year complicated by many unprecedented difficulties and challenges due to the rapid developments occurring in the global economy.

However, under the synchronous and drastic leadership and direction of Party, State, and Government leaders; the timely and effective participation of the whole political system; and with the outstanding efforts of the business community, and people of all walks of life; the national economy recovered strongly. Indeed, it recorded plenty of important and positive achievements, including GDP growth being at its highest in the past 12 years with macroeconomic stability to ensure major economic balances, in addition to inflation being inflation.

Industrial production recovered positively in most industries, fields and localities, with the processing and manufacturing industry continuing to be the main growth driver with an increase of 8.1%, contributing nearly 2.1 percentage points to the growth rate of total added value of the national economy.

Import and export continued to develop, setting a new record with a total turnover of more than US$732.5 billion, an increase of nearly 10% compared to the previous year. It maintained a trade surplus for the seventh year in a row with a surplus of US$11.2 billion, 3.3 times higher than the previous year, making a positive contribution to the balance of payments and stabilising exchange rates and economic indicators.

Furthermore, the domestic market recovered strongly with high growth as total retail sales of goods and services increased by nearly 20%, exceeding 2.5 times the planned target, basically meeting essential goods to serve people and businesses.

E-commerce enjoyed strong growth, contributing to the development of supply chains and circulation of goods at home and abroad, bringing the nation into the group of five countries with the world's leading e-commerce growth rate.

In his speech, PM Pham Minh Chinh underlined the need to discuss the development and effective exploitation of the domestic market, enhance trade promotion, and connect supply and demand. This is addition to expanding export markets, diversifying markets, products, and supply chains, along with effectively exploiting free trade agreements (FTAs), especially new generation FTAs.

It is therefore essential to bolster exports to major markets, boost production and business, and create jobs for people, he added.

The PM also pointed out the various shortcomings and requested that need to be overcome in the coming time.