Focused Solutions to Business Difficulties

Due to the negative impacts of the Covid-19 pandemic, the industry and trade sector of Thai Binh province has actively applied many solutions to deal with business difficulties and support business development in the so-called new normalcy. Our reporter has an interview with Mr. Tran Ngoc Phuc, Deputy Director of the Department of Industry and Trade, on this issue.

Could you please tell us remarkable industrial, trade and service performance results of Thai Binh province?

In 2021, the economy has faced numerous difficulties because of the Covid-19 pandemic outbreak. But with the drastic leadership of the provincial government, businesses have effectively adopted the "dual goal" of preventing the pandemic and developing business in the "new normal". The province has gradually recovered and developed quite well as compared to what it performed in 2020.

In the first nine months of 2021, the industrial production index climbed 13.4% over the same period of 2020. Industrial production value reached VND55,451 billion, fulfilling 69.3% of the yearly plan and expanding 15% over the year-ago period. Investment promotion and attraction was effective, with five new FDI projects with a total registered capital of US$600 million, including US$395 billion from three giant projects (more than the value licensed in the 2016-2020 period). Trade and service activities gradually recovered, with total retail sales of consumer goods and services rising 7.2% year on year to VND36,559 billion.

Import and export activities recovered and grew strongly, especially in textile and garment, iron and steel. The January - September export value reached US$1,578 million, completing 99% of the full-year plan and rising by 45% over the same period of 2020. The import value was US$1,354 million, equal to 99% of the plan and up 46.2% year on year.

To well carry out the "dual goal" of fighting the pandemic and developing the economy, what solutions has the industry and trade sector taken to support businesses to overcome difficulties and extend growth momentums?

Faced with complicated Covid-19 pandemic development, the industry and trade sector has actively coordinated with relevant bodies to advise the Provincial People's Committee on many documents concerning direction, operation and guidance for local enterprises troubled by Covid-caused difficulties. The contagion effectively carried out the "dual goal" of preventing the plague and boosting business performance: Plan 01/KHLN-SCT-SYT dated July 2, 2021 on training drills in Covid-19 pandemic prevention and control at local companies outside industrial zones in case infections were detected; guided plans for Covid-19 pandemic prevention and control at shopping centers and supermarkets; and guidance on purchase, transportation and consumption of agricultural products and commodities for enterprises.

At the same time, the sector has provided information about market and potential partners to businesses; supported them to join online domestic and foreign trade promotion events; applied advanced technology and e-commerce to seek and expand markets; regularly synthesized difficulties and recommendations of companies affected by the pandemic.

What are areas that the industry and trade sector will prioritize investment attraction in the coming time and solutions for sustainable development and value growth for this sector?

In the coming time, following the permit of the Prime Minister, Thai Binh province will focus on developing industry, trade and services, especially in Thai Binh Economic Zone as planned till 2040 and further to 2050.

The province will focus on attracting key industries such as textile and garment; leather and footwear; agricultural and food processing; seafood processing; mechanical engineering and metallurgy; export-driven mechatronics; electronics and equipment, household appliances, telecom equipment; building materials, with priority given to porcelain, ceramic and sanitaryware production; chemical, with priority is given to plastic production for automotive, electronics, and refrigeration industries; and energy like wind power and gas power.

The trade sector will draw investment projects to build logistics service centers in Thai Binh Economic Zone, supermarkets and trade centers, and develop e-commerce.

At the same time, to pursue sustainable development and enhance industrial values, the Department of Industry and Trade worked out the "Industry and Trade Development Project in 2021-2025, with a vision to 2030". Accordingly, setting goals and orientations for industrial development and providing solutions for sustainable future industrial and trade development, Thai Binh will become a fairly developed province by 2025 as planned.

The sector will further reform administrative procedures and provide online public services of Level 3 and Level 4; actively coordinate in site clearance to attract more investors; deal with business difficulties and ensure safe, flexible, effective and adaptive production and business performances in the new normalcy.

Source: Vietnam Business Forum