Industrial, trade sector unveils whopping $102b growth target

Workers check rubber tires at the Southern Rubber Industry JSC. Viet Nam has set a target of achieving an index of industrial production of more than $102 billion this year. — VNA/VNS Photo Danh Lam

LAO CAI (Biz Hub) — The industry and trade sector in 28 northern cities and provinces will strive to achieve an index of industrial production (IIP) this year of VND2.17 quadrillion (over US$102 billion).

If they achieve their target, it would be a 22.5 per cent year-on-year increase.

The targets were announced at the first conference of representatives from the industry and trade sector from 28 localities in the north, held in the northern Lao Cai Province on Wednesday.

Speaking at the meeting, deputy minister of Industry and Trade Tran Tuan Anh said that the conference was an opportunity for localities to share specific solutions to develop the sector.

Anh said that the provinces should continue to improve administrative procedures and facilitate organisations and businesses in their production.

The cities and provinces including Lao Cai, Ha Giang, Lang Son, Bac Giang, Thai Binh, Ha Noi and Hai Phong set 12 specific solutions to meet the targets, focusing on accelerating the construction of infrastructure projects and industrial zones; enhancing the application of information and technology in resolving administrative procedures; and strengthening the association among provinces.

Last year, the sector saw a relatively high growth rate with an IIP of VND1.77 quadrillion ($83 b illion) , a 16 per cent increase over 2012.

In the first nine months of this year, the IIP was estimated at VND1.42 quadrillion ($66 billion), meeting 70 per cent of the whole year's target and posting a nine per cent year-on-year increase.

The total retail and service turnover in 2013 reached VND883 trillion ($41 billion), 16 per cent higher than in 2012.

The provinces' total export turnover last year increased by 37 per cent to be more than $56 billion.

In the first nine months of the year, the turnover was $45.87 billion, meeting 75 per cent of the whole year's target. —VNS