PM Phuc made the request at a conference in Hanoi on January 7 that reviewed the industry and trade sector’s performance in 2020 and launched tasks for this year.

The PM asked the sector to ensure a long-term and consistent policy framework while creating optimal and synchronous conditions to improve productivity, quality, efficiency, and competitiveness.

Prime Minister Nguyen Xuan Phuc (centre) and delegates at the conference (Photo: VNA)

In industrial development, it must reduce any dependence on unsustainable advantages from natural resources and switch from natural resource-based industries to innovation-based industries, he noted.

Regarding trade relations with the US, the PM underlined that the Vietnamese Government has been taking drastic action to reduce its trade deficit with the country and fighting against origin fraud and illegal trans-shipments.

Vietnam is determined to work with the US to carry out a joint action plan towards a harmonious and sustainable trade balance, he affirmed, adding that its monetary policy is meant to control inflation and maintain macro-economic stability, not create a competitive advantage in trade.

Despite the Covid-19 pandemic, Vietnam still enjoyed a year-on-year increase of 6.5% in overseas shipments in 2020, posting among the highest export growth in the world. It also saw a fifth consecutive year of trade surplus, which hit a record US$19.1 billion, Minister of Industry and Trade Tran Tuan Anh reported.

The country recorded stable growth in both exports and imports, with total trade turnover topping US$ 500 billion for the second year in a row.

Minister Anh said that international integration has been not only maintained but also promoted thanks to Vietnam’s initiatives supported by countries in the region and the world. The negotiation, signing, and implementation of free trade agreements (FTAs) have obtained significant outcomes.

International economic integration has turned Vietnam into one of the world’s most 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 substantial and 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 lack of many large-scale national brands as obstacles.

Vietnamese 3 centimeters taller over last decade

Vietnamese are getting taller with the average height for men and women last year growing by 3.7 and 2.6 centimeters, respectively, compared to 2009.

Rice export turnover up 10% in 2020

Vietnam earned over US$3 billion from exporting rice in 2020, according to the Vietnam Food Association (VFA), a year-on-year increase of more than 10%.

Source: Nhan Dan Online