This year, the Ministry of Industry and Trade aims to see a 7.8 to 7.9 per cent growth in industrial production and to earn $165 billion in export revenue. — VNA/VNS Photo Huy Hung

HA NOI (Biz Hub) — The processing and manufacturing industry was the highlight of the industry and trade sector in 2014, with a growth rate of 8.7 per cent and an 11.1 per cent increase in sales index, the Ministry of Industry and Trade (MOIT) reported.

The ministry's 2014 trade and industry performance review showed that the national industrial production index recorded a 7.6 per cent rise, and the export value of the industrial sector rose by 13.6 per cent from that recorded last year to US$150 billion. This surpassed the set target by 3.6 per cent.

Such positive outcomes will boost the development of the sector in the coming years, Minister Vu Huy Hoang affirmed.

Furthermore, Deputy Minister Nguyen Cam Tu noted that besides the processing and manufacturing industry, the production and distribution of electricity also saw a high growth of 12.1 per cent, which reflected the solid recovery made by production-related activities.

Minister Hoang acknowledged that the domestic industrial production sector fully met the local demand for goods ranging from normal to essential ones. This helped stabilise supply and demand in the markets of electricity, petrol, coal, chemicals, and food, thereby preventing "price fever" due to shortage of items.

In addition, the minister pointed out that the under-developed supporting industry was a major weakness of the sector. Domestic manufacturers have to import most of their required materials, spare parts, and components, which affects the competitiveness of their products in terms of prices.

Director of the Heavy Industry Department of the MOIT Truong Thanh Hoai said that the growth of some industries, particularly those of textile and garment, footwear, automobile, and electronics, is still based on scale, with most enterprises engaging in sub-contracting or assembling. As a result, their products have low added value and local content ratio.

This year, the ministry aims to see a 7.8 to 7.9 per cent growth in industrial production and to earn $165 billion in export revenue. Also, the retail sales of goods and services should increase by 11 to 12 per cent and consumer price index be maintained at around 5 per cent.

To achieve these targets, the trade and industry sector needs to exploit its advantages in every sector. Enforcing concerted measures to stabilize the economy, raising the quality, effectiveness and competitiveness of human resources, strongly boosting scientific applications, and enhancing information dissemination are important measures that should be taken into consideration for the benefit of the trade sector, Minister Hoang emphasised. — VNS