Hanoi (VNA) –꧟ In 2024, the Ministry of Industry and Trade (MoIT) demonstrated unity, determination, and creativity, successfully achieving its economic targets, with double-digit growth seen in many spheres, setting new records, and serving as a pillar of national development.

As the year 2025 holds special significance for the country's progress and marks the lead-up to the 75th anniversary of the industry and trade sector, the ministry has outlined breakthrough tasks aimed at reaching double-digit GDP growth. On the eve of the Lunar New Year, Minister of Industry and Trade Nguyen Hong Dien granted an interview with the press over the sector's journey in 2024 and hurdles it would face this year.

Reporter: In 2024, despite a host of difficulties, the country’s socio-economic landscape made positive strides with several bright spots. All of the 15 targets were met and GDP growth exceeded 7%, creating momentum and raising confidence across the Party, people, and armed forces. Amid these collective achievements, could you highlight the key accomplishments of the industry and trade sector?

Minister Nguyen Hong Dien: ꧑In 2024, Vietnam's socio-economic development, including the performance of the industry and trade sector, unfolded against a backdrop of continued global volatility marked by complex and unpredictable shifts. The year presented both opportunities and challenges as the global economy grappled with sluggish growth and stubborn inflation. Tight monetary policies, in place from previous years, remained largely unchanged until partial easing in the third quarter. Meanwhile, global supply chains and key transport routes faced persistent risks of disruption due to geopolitical conflicts in some regions.

The rise of de-globalisation and the resurgence of trade protectionism in various countries, further complicated the global economic landscape in 2024. Major export markets imposed stricter standards and new regulations related to supply chains, materials, labour, and environmental practices for imported goods. Domestically, Vietnam faced adverse natural disasters throughout the year. Notably, Super Typhoons 3 and 4 caused widespread damage to energy, industry, and commerce infrastructure, as well as business operations across multiple localities. However, under the direct guidance of the Government and the Prime Minister, and through effective coordination with other ministries, agencies, and localities, the MoIT put in place decisive measures to meet its objectives. As a result, the ministry fulfilled, even exceeded all the yearly targets, with many indicators at double-digit growth and setting new records. These achievements helped the national economy overcome challenges and outpace growth forecasts. Notably, 2024 saw the sector's breakthroughs in policy advisory and legislative work. Various laws, decrees, and circulars were revised, supplemented, or issued. These included the amended Law on Electricity, the draft amended Law on Chemicals, the revised Law on Efficient and Economical Use of Energy, and the Law on the Production of Key Industrial Products. Additionally, Decree No. 80 established a direct power purchase mechanism between renewable energy producers and large electricity consumers, while Decree No. 135 introduced incentives for rooftop solar power for self-production and consumption. A new draft decree on oil and gas trading is also underway.

In the energy and industrial sectors, the MoIT focused on advising relevant agencies to restart the Nuclear Power Development Programme and the Ninh Thuan nuclear power projects, and to introduce mechanisms to resolve obstacles to renewable energy projects. It separated the National Load Dispatch Centre (A0) from Vietnam Electricity (EVN), which is now under its direct management to reform the national power system and electricity market operations. Furthermore, the ministry worked to address numerous pending projects, remove bottlenecks, and improve resource efficiency. It also opened new opportunities to attract both domestic and foreign investments, thus creating strategic breakthroughs for energy development in the new era of the nation’s rise. A landmark achievement was the completion of the 500 kV Quang Trach–Pho Noi transmission line (Circuit 3). It stretches approximately 519 km with 1,177 poles - the tallest standing at 145 m and the heaviest weighing 415 tonnes. The project set records in construction time, workload, resource mobilisation, and problem-solving mechanisms. Simultaneously, the oil and gas sector surpassed 1 quadrillion VND in revenue, while advancing a chain of offshore oil, gas, and wind power projects. Additionally, major balances were maintained, particularly in energy security and the supply and demand of essential goods and raw materials for production. The MoIT ensured no disruptions in oil and gas supply as well as sufficient electricity for production and societal needs, especially amid the sharp increase in power demand fueled by the strong economic recovery.

The domestic industrial sector saw strong recovery in 2024, posting an impressive growth rate of 8.4%. It is noteworthy that manufacturing and processing led the surge with nearly 10%, a sharp rebound from below 1% in the previous year, reaffirming its role as a key pillar and a driving force behind the country’s economic growth. A standout highlight was the robust recovery of import-export activities as the revenue reached 786.29 billion USD, up 15.4% year-on-year, with exports up 14.3% and imports up 16.7%. The country enjoyed a trade surplus of 24.77 billion USD, bolstering foreign reserves, stabilising exchange rates, and supporting key macroeconomic indicators. The domestic market also experienced steady growth. Total retail sales of goods and consumer service revenue were estimated at 6,39 trillion VND, up 9% from 2023. Following directives from Party General Secretary To Lam, who emphasised streamlining the administrative apparatus as a "revolution" to be implemented across the entire political system, the MoIT took proactive steps despite not being subject to mandatory restructuring. The ministry proposed cutting nearly 18% of its units and continued working to ensure its structure remains lean, efficient, and effective. Additionally, the ministry made marked progress in administrative reforms, completing all 16 tasks outlined in its 2024 administrative reform plan.

Continuing to develop and perfect institutions in line with market economy

Reporter: Developing and refining institutions have always been identified by the Party and the State as a central task and one of the three strategic breakthroughs, providing the legal foundation and a safe, favourable environment for the country’s socio-economic development. How has the Ministry of Industry and Trade implemented this work?

Minister Nguyen Hong Dien: ๊In 2024, the MoIT took proactive steps to implement its regular duties, closely following directives from competent authorities. The ministry created breakthroughs in institutional development, paving the way for national development.

This year marked a decisive effort by the ministry to improve the legal framework through drafting and submitting a series of legal documents featuring breakthrough policies aligned with the strategic, long-term visions of the Party, State, and Government. Notably, the ministry secured high consensus for a proposal, submitted to the Government, to build a law amending and supplementing the Law on Efficient and Economical Use of Energy. It also coordinated with relevant bodies to advise the Government on presenting the revised draft Law on Chemicals to the 8th session of the 15th National Assembly. In addition to its long-term goals, the MoIT, under directives from the Government and Prime Minister, made steady progress in 2024 by introducing a direct power purchase mechanism allowing renewable energy producers to sell electricity directly to large consumers. It also offered incentives promoting the development of rooftop solar systems for self-production and self-consumption. They represent a significant step toward fostering a competitive electricity market in Vietnam, expanding the rights of individuals and businesses to freely choose their energy sources, particularly green and renewable energy. On December 12, the MoIT, under the close oversight of the Prime Minister and the Permanent Deputy Prime Minister, and with the absolute support from other ministries, agencies, and localities, submitted a report to the Government proposing solutions to remove obstacles facing renewable energy projects. The government’s decision is expected to unleash investments totaling 308.4 trillion VND, resolving long-standing bottlenecks, and preventing the loss of significant social resources. Earlier in the year, the ministry also made strides in institutional reform. It swiftly drafted and submitted plans for four national sectoral strategies for the 2021-2030 period, with a vision to 2050. These include the Power Development Plan VIII, the National Energy Master Plan, the Mineral Resources Plan, and the National Plan for Oil and Gas Storage and Supply Infrastructure. These frameworks will serve as a foundation for ministries, agencies, localities, and businesses to implement policies in a harmonious and effective manner, boosting investment, and channeling social resources into the economy.

Vietnam’s trade hits 40-year high

Reporter: In 2024, Vietnam’s total import-export turnover reached about 783 billion USD —a record high in 40 years of economic reforms. Given the unpredictable fluctuations in both global and domestic markets, achieving such milestones would have been difficult without the right and effective solutions, particularly in policy-making and trade promotion. How do you assess this sector's performance?

Minister Nguyen Hong Dien:🍌 In 2024, Vietnam’s socio-economic development, including the industrial and trade sector, unfolded against a backdrop of unpredictable global shifts. Under the direct guidance of the Government and the Prime Minister, and in coordination with other ministries, agencies, and local authorities, the MoIT implemented effective trade policy tools.

The results achieved were not just reflected in the record-breaking 400 billion USD in exports—the highest in 40 years of economic reforms—but also in the continued positive transformation of the export structure. There was a notable reduction in raw material exports and an increase in the export of processed goods and industrial products, facilitating deeper integration of Vietnamese goods into global production and supply chains. Looking back on the country’s economic trajectory, it took Vietnam years to surpass the 100 billion USD export milestone in 2012. It then took another five years to exceed the 200 billion USD benchmark in 2017, and an additional four years to reach 300 billion USD in 2021. However, by 2024, in just three years, the nation’s export turnover surged by another 100 billion USD, reaching a historic 400 billion USD for the first time. This milestone is particularly significant given the persistent challenges in the global economic landscape, including inflation, tight monetary policies partially eased in the third quarter of 2024, and disruptions in global supply chains and key transportation routes. To achieve this remarkable results, the MoIT proactively developed and implemented the Export-Import Strategy to 2030. It focused on leveraging competitive advantages, promoting Vietnamese brands, tapping into new, high-potential markets, and advancing the country’s standing in global supply chains. The ministry also simplified procedures for issuing certificates of origin and electronic certification processes. Notably, trade promotion efforts were significantly revamped. As part of these efforts, the ministry organised monthly trade promotion briefings with Vietnam’s trade offices abroad, using a hybrid format. These sessions provided market insights and strengthened the connection between these offices and central and local agencies in trade promotion activities. Additionally, the ministry stepped up support for businesses to maximise benefits from free trade agreements (FTAs), closely monitoring Vietnam’s key export markets to propose timely solutions and address emerging challenges. Special attention was also given to removing bottlenecks at border gates to expedite customs clearance and improve the efficiency of import-export operations, particularly for time-sensitive agricultural and aquatic products.

The MoIT intensified trade promotion activities in key markets, fully capitalising on export opportunities provided by the FTAs, especially new-generation deals such as the CPTPP, EVFTA, and RCEP. The ministry also coordinated with relevant agencies to support businesses in expanding trade promotion efforts into new and potential markets where companies had yet to establish a presence. In line with the Party and Government’s directives on administrative reform and business facilitation, while ensuring risk management, the ministry reviewed and adjusted procedures to issue preferential certificates of origin through electronic platforms. These combined measures made Vietnam’s import-export sector a standout performer and a key driver of economic growth in 2024. According to estimates from the Ministry of Industry and Trade and related agencies, total trade turnover reached 786.29 billion USD, marking a 15.4% increase compared to the previous year. Exports rose 14.3%, while imports grew 16.7%. The structure of Vietnam’s exports continued to improve in 2024, with a remarkable shift from raw material exports to processed goods and industrial products. This shift has enabled Vietnamese products to integrate more deeply into global production and supply chains. Alongside the strong export performance, imports also saw a robust recovery. Total import turnover reached 380.76 billion USD last year, up 16.7% year-on-year. This growth was primarily driven by the import of goods for production and consumption. The rise in the import of components, machinery, and raw materials for manufacturing signals a rebound in industrial and business activities across the economy. It also reflects positive expectations for orders in the near future.

Building momentum, driving national growth in new era

Reporter: At the 2024 year-end review conference of the Ministry of Industry and Trade, Deputy Prime Minister Bui Thanh Son emphasised that 2025 will be a pivotal year for building momentum toward achieving double-digit growth in the 2026-2030 period. The industry and trade sector must reaffirm its pioneering role. To continue fulfilling this proud yet challenging responsibility, what key solutions will the sector focus on this year to meet its set goals and contribute to the country’s macroeconomic development targets?

Minister Nguyen Hong Dien: 🦹The year 2025 marks the final phase of Vietnam’s 2021-2025 socio-economic development plan, holding critical importance as a year of acceleration and breakthroughs. It will lay the foundation for the next development phase, covering 2026-2030.

The government has set an ambitious target of achieving double-digit 🎶economic growth this year. To help realise these socio-economic goals—especially as 2025 represents the decisive year for the five-year plan and a stepping stone into a new era of the nation’s rise —the MoIT will implement several key solutions.

Accordingly, it will continue to ✅institutionalise new directives and policies of the Party and the State concerning industrial and trade development. These will be translated into robust, cohesive, and feasible mechanisms and policies, creating new engines for the economy.

In the immediate term, the ministry will develop action programmes and plans to implement the resolution adopted at the 10^th plenum of the 13th Party Central Committee and the Government’s resolutions on socio-economic development, improving the business environment, and enhancing national competitiveness. This will ensure ♏that the assigned tasks are executed decisively and effectively from the very first days of the new year.

Besides, the ministry will focus on reforming and enhancing the quality of institutional development, viewing it as a breakthrough task. This aims to establish a harmonious and feasible legal framework to attract investment in industry, energy, and trade. In 2025, the sector will continue to drive industrial restructuring towards improving quality, efficiency, and competitiveness. This will be based on advancements in science and technology and innovation, contributing to revitalising and enhancing traditional growth drivers—investment, consumption, and export. It will also tap into new boosters such as digital transformation, green transition, circular economy, sharing economy, and high-tech industries like semiconductors, AI, and microchips. The ministry will also strengthen international economic integration. This includes proactively advising on leveraging opportunities from diplomatic relations with powers to attract investments to key industries from multinational corporations, especially in sectors where Vietnam holds demand and competitive advantages. The ministry will continue to maximise the role of Vietnam's trade offices abroad in supporting localities and businesses to capitalise on FTAs to which the country is a signatory, diversify markets and supply chains, and boost exports. Negotiating, signing, and upgrading FTAs with potential partners is another focus to enhance trade and investment cooperation. It will also increase support for businesses to shift towards official export channels, focusing on brand development and promoting sustainable export growth.

2025 can be seen as a pivotal year for consolidating foundational elements, laying the groundwork for Vietnam to confidently enter a new era – that of the nation’s rise. This sets the stage for the successful implementation of the 2021-2030 Socio-Economic Development Strategy. Achieving the highest possible growth in 2025 to build momentum and strength for double-digit growth for the 2026-2030 period is an ambitious goal, demanding substantial effort from the entire political system, the people, and businesses. Thus, the ministry’s role and mission must be clearly demonstrated, reaffirming its pioneering position. With enhanced guidance and the refinement of the ministry's 2025 action plan, along with a decisive and effective execution of the outlined tasks and solutions from the very first days of the new year, the ministry is committed to achieving all assigned objectives and tasks. This will ensure a meaningful contribution to national socio-economic development.

Reporter: Thank you so much!