The MoIT Minister, Tran Tuan Anh in an interview given to reporter of the People’s Army Newspaper said Vietnam completed all development goals in 2017. For the first time, the country reached US$ 214 billion in export value, up by 21.3 percent against the previous year. Notably, 29 export markets are reported over US$ 1 billion of worth; and Vietnam maintained a trade surplus of about US$ 2.7 billion this year, the same figure as 2016.
Furthermore, foreign direct investment (FDI) and agro-aquatic businesses saw considerable development, showing the improvement of competitive capability and market approaching capability of Vietnamese products.
The industrial sector reported the growth rate of 7.85 percent in 2017, higher than the previous year (7.06 percent), of which the processing and manufacturing industry was the highlight, with a growth rate of 14.4 percent, contributing to posting a 9.4 percent year-on-year increase of the country’s Index of Industrial Production (IIP).
Last year, the MoIT took the lead in administrative reforms. Accordingly, the ministry actively reduced over 35 percent of its offices and departments (72), while cutting down 23 admin procedures and increasing the number of online public services.
Meanwhile, the MoIT Minister signed Decision No.3610a/QD-BCT promulgating plans to reduce and simplify investment and business conditions in State management in the 2017-2018 period. Accordingly, 675 business and investment conditions were slashed, 63 conditions higher than the expected plan and equivalent to 55.5 percent of the total conditions. After the reduction, the remaining conditions are 541.
The reduction is a key role in reforming administrative procedures, completing the institution and improving the investment and business environment in Vietnam.
The year of 2017 witnessed drastic moves during meetings of TPP12 and then TPP11 after the US’s withdrawal. Additionally, Vietnam and the European Union (EU) have closely worked together to finalize related issues for the EU-Vietnam free trade agreement (EVFTA) towards the official signing and ratification of the trade deal this year. Vietnam also has bilateral free trade agreements with more than 60 world economies, which account for approximately 90 percent of the Southeast Asian nation’s trade turnover.
Besides, last year also saw changes as well as great efforts of some countries such as Japan, New Zealand and the host Vietnam in speeding up the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is expected to take place in first quarter of 2018.
The MoIT has mapped out tasks to complete set targets this year. Firstly, the ministry will continually cooperate with relevant agencies to seriously implement the Government’s directives in enhancing the economy’s competitiveness and facilitating the development of businesses.
Secondly, the ministry pays attention to restructuring plans in the process of international integration of Vietnam in the global supply chain.
Thirdly, the ministry attaches importance to continuously boosting administrative reforms and completing its legal framework and business environment to help domestic firms better exploit resources for their development.
In details, the MoIT is creating momentum for several key economic sectors, such as processing industry, mechanical industry, automobile industry, and energy.
Translated by Van Hieu