Thursday, July 10, 2008

Ministry of Industry and Trade organises first online meeting

Nhan Dan - The Ministry of Industry and Trade on July 8 organised an online meeting, the first ever, to review the results recorded in the first half of the year and discuss ways of implementation of solutions in the later months of the year.

In the context of increasing prices of materials, inflation occurring in many countries in the region and the world, with both subjective and objective disadvantages, over the past six months, Vietnam's economy has recorded encouraging results. Total industrial production value is estimated at over VND 326.6 trillion, up 16.5% compared to the same period last year. Total export turnover reached US$29.69 billion, registering a year-on-year increase of 31.8%, the highest growth in the past several years.

Addressing the meeting, Deputy PM Hoang Trung Hai stressed that though the industrial production value increased, however, the added value of production was still limited. Trade deficit was still big. He urged that efforts should be made in the remaining six months of the year to overcome difficulties for businesses and strive for a 28% export turnover growth. He asked enterprises to pool efforts to promote industrial production, creating stable jobs for workers, bringing into full play the capacity of their enterprises for sufficient supply of necessities of the economy including electricity, coal, fertiliser, construction steel and iron, engines, agricultural equipment, trucks and some consumer goods and products for exports such as footwear, garments and textiles, milk, cooking oil, among others.

Enterprises were also asked to increase production of materials to help reduce imports, practise thrift to lower product prices, boost exports to reduce trade deficit, keep a close control of the imported goods with priority given to imports of necessities for production.

The exports of rice must follow the management of the government. The imports and sale of petrol must be closely watched. Enterprises are urged to make thorough consideration of their import demands to ensure production. Investment in projects that are unnecessary should be delayed to focus investment in projects that need to be completed soon. The National Oil and Gas Group was reminded of pooling more efforts to put the Dung Quat Oil Refinery in operation by the first quarter of 2009.

The Deputy PM also requested that the electricity sector should make greater efforts to put new electricity power plants into operation as soon as possible.

Economic groups, corporations and enterprises specialising in producing necessities are requested to ensure sufficient supply to meet domestic consumption demands with high quality, stable prices, especially of such products as rice, steel, cement and fertiliser.

He also urged relevant agencies to strengthen work on domestic market management to prevent acts that could cause market disorder. Proposals and complaints by enterprises must be dealt in time while the role of trade associations must be promoted to support enterprises to boost production, thus contributing to stabilise the market.