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The year 2019 had a special significance as Vietnam accelerated fulfilling the goals of their five-year plan (2016-2020) and the 10-year Socio-Economic Development Strategy for 2011-2020.
1. Vietnam’s total import-export turnover exceeded US$500 billion
While there has been lower growth from the global economy and trade due to the impact of trade conflicts and strategic competition among major economies as well as trade protectionism and the increase of trade restrictions from other countries, Vietnam continued to maintain a high import-export growth momentum, with total import-export turnover surpassing US$500 billion.
The result reflected the efforts made by the Government, ministries, agencies and localities, including the MoIT, in maintaining macroeconomic stability as well as constantly improving the business environment to encourage enterprises to develop their productions and exports and to attract more investment in exports.
The agencies at all levels focused on developing traditional export markets, while seeking more new markets by taking advantage of free trade agreements.
2. CPTPP trade deal took effect and EVFTA was signed.
At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA)
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam Free Trade Agreement (EVFTA) demonstrated Vietnam’s strong commitment to actively and proactively integrating into the region and the world.
Since the beginning of the year when the CPTPP first took effect, Vietnam’s exports to the member markets have witnessed fantastic growth, focusing on products of the country’s strengths such as phones and accessories, machinery, equipment, tools, seafood and textile and garment.
The signing of the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) will further enhance the bilateral relations in many fields between Vietnam and the EU, especially in economic and trade cooperation, to make the most of each other’s advantages and potential to benefit both sides.
3. The State management on combating trade frauds contributed to market stability.
In 2019, the origin and trade frauds and the evasion of trade defence measures tended to surge in increasingly sophisticated and complex forms, due to complicated developments of global trade, especially in regards to the pressures from the US-China trade conflict.
The MoIT actively coordinated with relevant ministries and agencies to drastically combat the evasion of trade defence measures, enhance market management, and prevent smuggling and origin and trade frauds.
4. The MoIT is the first ministry connecting with the National Public Service Portal.
The National Public Service Portal was officially launched on December 9, 2019, under the attendance of Prime Minister Nguyen Xuan Phuc, who is also Chairman of the National Committee on the e-Government.
With the motto of publicity and transparency and considering people and businesses as goals to be served, the MoIT is the first agency to join the National Public Service Portal. Accordingly, the Ministry has proactively selected public services under its jurisdiction with a large number of documents that directly impact citizens and businesses on the National Public Service Portal. Including the issuance of the preferential certificates of origin and registration for promotion activities. They are the procedure groups with the largest number of online records conducted by the MoIT.
5. Ten-year implementation of the “Vietnamese people give priority to using Vietnamese goods” campaign.
The campaign has contributed to creating changes in public awareness as well as gradually become a driving force to help strongly promote the production, business and consumption of Vietnamese products. The campaign also helped maintain a high and stable growth, with the growth rate of total retail sales of goods and social services reaching approximately 17.5% over the past 10 years, three times higher than that of GDP growth. Vietnam became one of the most attractive retail markets in the world, holding the sixth position among 30 countries with vast potential and attractive investment in the global retail sector
After 10 years of implementation, the campaign has created trust among consumers and encouraged them to take a greater interesting in shopping and consuming Vietnamese products.
6. E-commerce brought Vietnam among the most potential markets in ASEAN.
Vietnam is currently considered as one of the fastest growing e-commerce markets in Southeast Asia.
Vietnam is currently considered as one of the fastest growing e-commerce markets in Southeast Asia, with an average annual growth rate of over 25% in the current period and is expected to reach US$13 billion in 2020. According to the report on the “Southeast Asian internet economy 2018” by Google-Temasek, Vietnam’s e-commerce growth was forecasted at 43% during 2015-2025 period, excitingly making Vietnam a country with the fastest growing e-commerce in the region.
The MoIT has accelerated cross-border e-commerce applications through the connection made with Amazon Global Selling from Amazon’s global sales programme, aiming to boost trade promotion and exports via e-commerce platform.
7. Electricity access index continued to rise.
According to the World Bank’s ‘Doing Business 2019’ report, Vietnam’s electricity access index climb for the sixth consecutive year with 88.2 point, up 0.26 point from 2018. Vietnam continued to be ranked fourth in the ASEAN-4 and among the top four member countries of the CPTPP in terms of electricity access.
The country also maintained 27th place out of 190 nations and economies as well as second position in ASEAN in terms of procedures and time of the electricity sector.
8. The first 500kV backup transformer, with a capacity of 467 MVA, was launched.
The transformer, which was installed at Lai Chau and Son La Hydropower Plant, was a scientific and technological achievement thanks to the guidance of the Party, Government, Prime Minister, MoIT and the Ministry of Science and Technology.
This achievement helped Vietnam master the manufacture and maintenance of one of the most prominent pieces of equipment of the largest hydroelectric plant in the country, thus ensuring the continuous and safe operation of Son La and Lai Chau Hydropower plants as well as contributing to ensuring national energy security.
9. The restructuring of market management force gained positive results.
The General Department of Market Management has developed a completely new organisation system thanks to the consolidation and streamlining of its apparatus and personnel organisation.
In 2019, the market management forces handled over 90,000 violations, contributing nearly VND500 billion (excluding the value of confiscated goods but not sold) to the State budget.
10. The sector made breakthroughs in solar power, with operating capacity of up to nearly 5,000 MW.
The Government’s incentive mechanism for the development of solar power has attracted investors to get involved in the production of solar power. By the end of 2019, nearly 5,000 MW of electricity have been produced by solar power plants.
Thanks to the achievement, around 7-9 billion kWh of electricity will be added annually, contributing to reducing the risk of power shortages and the capacity of high-priced oil-fired power, towards the sustainable development of Vietnam’s energy industry.
Vietnam is towards the sustainable development of energy industry.