Prime Minister Nguyen Xuan Phuc speaks at the event (Photo: VNA) PM Phuc made the request at a conference in Hanoi on January 7 that reviewedthe industry and trade sector’s performance in 2020 and launched tasks for thisyear.
The PM asked the sector to ensure a long-term and consistent policy frameworkwhile creating optimal and synchronous conditions to improve productivity,quality, efficiency, and competitiveness.
In industrial development, it must reduce any dependence onunsustainable advantages from natural resources and switch from naturalresource-based industries to innovation-based industries, he noted.
Regarding trade relations with the US, the PM underlined that theVietnamese Government has been taking drastic action to reduce its tradedeficit with the country and fighting against origin fraud and illegal trans-shipments.
The PM asked the sector to ensure a long-term and consistent policy frameworkwhile creating optimal and synchronous conditions to improve productivity,quality, efficiency, and competitiveness.
In industrial development, it must reduce any dependence onunsustainable advantages from natural resources and switch from naturalresource-based industries to innovation-based industries, he noted.
Regarding trade relations with the US, the PM underlined that theVietnamese Government has been taking drastic action to reduce its tradedeficit with the country and fighting against origin fraud and illegal trans-shipments.
Prime Minister Nguyen Xuan Phuc addresses the conference (Photo: VNA) Vietnam is determined to work with the US to carry out a joint actionplan towards a harmonious and sustainable trade balance, he affirmed, addingthat its monetary policy is meant to control inflation and maintainmacro-economic stability, not create a competitive advantage in trade.
Despite the COVID-19 pandemic, Vietnam still enjoyed a year-on-yearincrease of 6.5 percent in overseas shipments in 2020, posting among the highestexport growth in the world. It also saw a fifth consecutive year of tradesurplus, which hit a record 19.1 billion USD, Minister of Industry and TradeTran Tuan Anh reported.
The country recorded stable growth in both exports and imports, with totaltrade turnover topping 500 billion USD for the second year in a row.
Anh said that international integration has been not only maintained butalso promoted thanks to Vietnam’s initiatives supported by countries in theregion and the world. The negotiation, signing, and implementation of freetrade agreements (FTAs) have obtained significant outcomes.
International economic integration has turned Vietnam into one of the world’smost open economies. It now has trade relations with more than 230 economies,60 of which it has FTAs with, according to the minister.
However, he acknowledged, despite the surge in exports, imports remain substantialand market and production diversity is still modest, while goods’competitiveness still relies on price rather than value.
The minister also pointed to latent pollution risks in some industries and a lackof many large-scale national brands as obstacles./.
Despite the COVID-19 pandemic, Vietnam still enjoyed a year-on-yearincrease of 6.5 percent in overseas shipments in 2020, posting among the highestexport growth in the world. It also saw a fifth consecutive year of tradesurplus, which hit a record 19.1 billion USD, Minister of Industry and TradeTran Tuan Anh reported.
The country recorded stable growth in both exports and imports, with totaltrade turnover topping 500 billion USD for the second year in a row.
Anh said that international integration has been not only maintained butalso promoted thanks to Vietnam’s initiatives supported by countries in theregion and the world. The negotiation, signing, and implementation of freetrade agreements (FTAs) have obtained significant outcomes.
International economic integration has turned Vietnam into one of the world’smost open economies. It now has trade relations with more than 230 economies,60 of which it has FTAs with, according to the minister.
However, he acknowledged, despite the surge in exports, imports remain substantialand market and production diversity is still modest, while goods’competitiveness still relies on price rather than value.
The minister also pointed to latent pollution risks in some industries and a lackof many large-scale national brands as obstacles./.
VNA
