Industry and Trade Sector Efforts to Achieve Best Results in Executing Goals and Tasks

Adhering to growth scenarios and planned targets of the industry and trade sector assigned by the Provincial People's Committee in 2024, the Department of Industry and Trade of Binh Phuoc province has effectively carried out solutions to complete its assigned targets and tasks with guaranteed quality and progress.

Delegates tour the exhibition area showcasing local businesses, industrial parks, and key products from Binh Phuoc province

2024 is the fourth year of implementing the 5-year socioeconomic development plan (2021 - 2025). Endeavoring to achieve the best goals amid various difficulties caused by the COVID-19 pandemic and global geopolitical turmoil is a heavy task for the industry and trade sector. Therefore, in the past time, the department has focused on reviewing situations and synthesizing data to revise and supplement solutions to ensure the best outcome in the remaining months of the year and set reasonable targets for 2025. At the same time, the department has promptly grasped developments, removed difficulties for businesses and localities; reformed and enhanced the performance of trade promotion; and introduced solutions to assess e-commerce. It has also coordinated with relevant sectors to allocate sectoral targets for localities; sped up the construction progress of industrial zones; actively supported projects to start operation soon; aggressively advised the Provincial People's Committee to tackle obstacles, keenly prepared contents and data for the construction of the socioeconomic development plan for the 2025 - 2030 period.

The sector’s key goals and tasks include industrial development (expanding production, processing and export of key agricultural products, especially rubber, cashew, wood products, processed foods, apparels, footwear and mechanical products; making new products, deeply processed products and high value-added products; taking part in global export value chains like wood products, cashew nuts, chicken, baby diapers, industrial lubricants and energy storage batteries), trade (expanding domestic and international distribution and retail systems, improving the quality of trade services through convenience stores and developing export markets and border gate economy), and investment (attracting investment in industrial parks, economic zones, industrial complexes, creating favorable conditions for producers and exporters.)

By carrying out the above goals and tasks, the industry and trade sector of Binh Phuoc province has obtained many important achievements. Extending the recovery momentum from the end of 2023, industrial manufacturing continued to flourish from the beginning of the year. Industrial production growth in the first half of 2024 was higher than a year earlier: Cashew nuts rose by 26.78%, woven fabrics and fabrics made from artificial fibers by 27.03%, apparels by 90.48%, footwear by 15.69%, and metal packaging by 28.29%. The Industrial Production Index (IPP) climbed 16.53% year on year. Regarding domestic trade, retail revenue of consumer goods and services advanced 12.88% year on year; total export value totaled US$2.231 million, up 20.08%. In the first six months of 2024, Binh Phuoc’s exports were shipped to 95 countries and territories. Its imports valued US$1.41 billion, up 7.71% year on year.

Nonetheless, industrial production and trade remain modest. Despite being recovered, industrial production still faces many challenges. Some industrial products have shrunk sharply compared to the same period of last year. The export market has recovered but remained unstable. The volatile exchange rate has affected import, production and export plans of enterprises.

In the remaining months of this year, the industry and trade sector will continue to thoroughly implement direction and management principles determined in the beginning of the year while carrying out solutions adopted by the Ministry of Industry and Trade and the Binh Phuoc Provincial People's Committee, thus facilitating production recovery and development and achieving the best results of goals and targets executed.

By Duy Anh, Vietnam Business Forum