Industry accounts for nearly 30% of GDP, becoming key export sector

Minister of Industry and Trade Tran Tuan Anh deliveres a speech at the debate session within the framework of the ongoing 13th National Party Congress, at the National Convention Center, in Ha Noi, on January 28, 2021.

Minister of Industry and Trade Tran Tuan Anh made the above statement at the debate session within the framework of the ongoing 13th National Party Congress, at the National Convention Center, in Ha Noi, on January 28, 2021.

Viet Nam jumped 16 steps from 58^th in 2009 to 42nd in 2019 in the world and fifth among South and Southeast Asian nations in the Competitive Industrial Performance rankings of the United Nations Industrial Development Organization (UNIDO).

He said the GDP share of the mining industry continued to decrease from 9.1% in 2010 to 8.1% in 2016 and 5.55% in 2020. 

The processing and manufacturing sector has played a key role in the industry with the growth rate of 5.82% in 2020. The sector’s contributions to the nation’s GDP witnessed steady growth from 13% in 2010, 14.27% in 2016, 16.48% in 2019 to 16.7% in 2020. 

The proportion of processed export items among the total export turnover picked up from 65% in 2016 to 85% in 2020 while the proportion of high-tech export items rose from 44.3% in 2016 to 49.8% in 2020.  

Regarding future orientations, the minister highlighted the importance of creating a favorable and open environment for innovation, digital transformation and investment. 

He stressed the need to synchronously and effectively implement Free Trade Agreement (FTAs), World Trade Organization’s commitments and the ASEAN Economic Community, especially promoting enforcement and realization capacity of inked FTAs to expand export markets and closely control imports. 

With five newly-signed FTAs, including new-generation and high standard agreements, Viet Nam has joined 16 FTAs so far./. 

By Thuy Dung