The processing and manufacturing industry is a highlight of theindustry and trade sector in 2014 with a growth rate of 8.7 percent andan 11.1 percent increase in sales index, the Ministry of Industry andTrade (MOIT) reported on December 31.
At the ministry’s onlineconference to review the year’s performance, it was also reported thatthe national industrial production index showed a 7.6 percent rise,while the industrial sector’s export value went up 13.6 percent fromlast year to 150 billion USD, surpassing the set target by 3.6 percent.
Such outcomes are positive and will create a momentum for thesector’s development in the following years, Minister Vu Huy Hoangsaid.
Deputy Minister Nguyen Cam Tu noted that besidesprocessing and manufacturing, electricity production and distributionalso saw a high growth at 12.1 percent, which showed productionactivities have made remarkable recovery.
Nevertheless, MinisterHoang pointed to the major weakness of the sector which is theunder-developed supporting industry. Domestic makers have to import mostof their needed materials, spare parts and components, thus affectingtheir products’ competitiveness in terms of prices.
GeneralDirector of the MOIT’s Heavy Industry Department Truong Thanh Hoai saidthe growth of some industries particularly textile and garment,footwear, automobile, and electronics is still based on scale, with mostenterprises engaging in sub-contracting or assembling. As a result,their products have low added value as well as low local content ratio.
For2015, the ministry aims for a 7.8-7.9 percent growth in industrialproduction and 165 billion USD in export revenue. The retail sales ofgoods and services should increase by 11-12 percent and consumer priceindex be kept at around 5 percent.-VNA
At the ministry’s onlineconference to review the year’s performance, it was also reported thatthe national industrial production index showed a 7.6 percent rise,while the industrial sector’s export value went up 13.6 percent fromlast year to 150 billion USD, surpassing the set target by 3.6 percent.
Such outcomes are positive and will create a momentum for thesector’s development in the following years, Minister Vu Huy Hoangsaid.
Deputy Minister Nguyen Cam Tu noted that besidesprocessing and manufacturing, electricity production and distributionalso saw a high growth at 12.1 percent, which showed productionactivities have made remarkable recovery.
Nevertheless, MinisterHoang pointed to the major weakness of the sector which is theunder-developed supporting industry. Domestic makers have to import mostof their needed materials, spare parts and components, thus affectingtheir products’ competitiveness in terms of prices.
GeneralDirector of the MOIT’s Heavy Industry Department Truong Thanh Hoai saidthe growth of some industries particularly textile and garment,footwear, automobile, and electronics is still based on scale, with mostenterprises engaging in sub-contracting or assembling. As a result,their products have low added value as well as low local content ratio.
For2015, the ministry aims for a 7.8-7.9 percent growth in industrialproduction and 165 billion USD in export revenue. The retail sales ofgoods and services should increase by 11-12 percent and consumer priceindex be kept at around 5 percent.-VNA
