P.M Nguyen Xuan –“Vietnam has potential to become factory for the world”
Vietnam Prime Minister Nguyen Xuan Phuc at a meeting of the Ministry of Industry and Trade held in Hanoi yesterday stressed that Vietnam should become a factory for the world and promote conducive investment environment for all sectors in order to boost growth in manufacturing area. The P.M reiterated that the manufacturing trade has seen impressive growth and has become a key contributor to the country’s development, contributing 80 per cent of the GDP. “Many areas saw high growth including import-export and consumption. The industry and trade sector made a significant contribution to the country’s economic achievements,” the PM said.
The import-export turnover last year reached US$245 billion, posting 13.8 per cent year-on-year increase and far surpassing the Government’s targets. Export turnover was higher in all the segments, especially those with which Vietnam has free trade agreements (FTAs) and developed markets such as South Korea, Japan, the US and the EU. “Vietnam can become a dragon, but it depends very much on the development of the industry and trade sector,” he said.
The government shall resolve issues relating to exports, trade promotion and developing foreign markets. It would also work to resolve emerging issues in international commerce such as trade barriers and anti-dumping regulations. The Ministry of industry shall focus on facilitating investment and would continue to simplify administrative procedures. At least 79 administrative procedures will be cut or simplified in 2019.News Region Vietnam