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  • News
  • 28 July 2021

The processing and manufacturing industry continued to play a critical role

The General Statistics Office said that in the first quarter of 2020, overall industrial production had positive signals from many vital industries. The processing and manufacturing industry increased, continuing to play the role of driving force for the growth of the economy.

Specifically, the industry in the first quarter of 2021 achieved an increase of 6.5% over the same period last year. The processing and manufacturing industry increased by 9.45%, higher than the growth rate of 7.12% of the same period the previous year but lower than the growth rate of 14.3% in the first quarter of 2018 and 11.52%. In the first quarter of 2019, electricity production and distribution grew steadily. 

Although industrial production recorded quite good growth, the General Statistics Office report shows that the inventory index of the whole processing and manufacturing industry is estimated as of March 31, 2021. It increased by 22.5% over the same period last year (in the same period in 2020, it increased by 24.9%).

Some industries with a high inventory index compared to the same period last year. It including producing rubber, and plastic products increased by 91.6%, production of coke, refined petroleum products increased by 85.7, metal production increased by 68.1%.

The new growth model and the new development context require that industrial development policies also be innovated, unlike those implemented in the past. The United Nations Trade and Development Organization (UNCTAD) has pointed out that a new industrial policy is necessary to address new issues such as integration, upgrading of global value chains, industry 4.0, production development, associated with the goal of sustainable development, improving competitiveness and labor productivity, restructuring value chains to respond to external shocks.

Besides, industries need to focus on supporting the development of the domestic market, research and develop policies to stimulate consumption of domestically produced products and goods. The business should focus on developing supporting industries to increase the value-added content obtained from exports, strengthen support for domestic enterprises to distribute goods on e-commerce platforms, effectively deploy. They use trade remedy tools, review incentives for FDI enterprises to create an equal competitive environment for domestic production.

To solve the inventory problem and promote product development, the Ministry of Planning and Investment proposed that localities continue reforming administrative procedures and simplifying specialized inspection procedures. At the same time, the government implemented Decision 221/QD-TTG approving the Action Plan to improve competitiveness and develop logistics services. In particular, they focus on supporting the digital transformation of enterprises, forming digital logistics platforms to cut costs, and strengthen the connection between domestic enterprises and FDI enterprises to optimize operational efficiency.