Positive growth indicators
Overall, in 2024, the industrial production index increased by 8.4% over the previous year, while in 2023 it increased by 1.3% over the previous year and was higher than the 7.4% increase in 2022.
Of which, the electricity production and distribution industry increased by 9.5% (in 2022 and 2023, it increased by 7% and 3.7% respectively), contributing 0.84 percentage points, the electricity industry met the needs of production, business and consumption of the population.
Many important sectors of the processing and manufacturing industry in 2024 also increased compared to the previous year. The processing and manufacturing industry grew strongly on the basis of low growth in 2023.
According to General Director of the General Statistics Office Nguyen Thi Huong, industrial production activities in 2024 achieved positive results thanks to many driving forces.
"Firstly, the Government's policy responses in 2024 must be said to be quick; many policies were issued promptly to partially remove difficulties for businesses.
Decree 109 of the Government on reducing 50% of registration tax for domestically produced and assembled automobiles, effective from September 1, 2024 to December 31, 2024, has created conditions for domestic automobile manufacturing enterprises to increase production volume, as shown by the production index of the motor vehicle manufacturing industry in the fourth quarter increasing by 43.7% over the same period and increasing by 31.7% over the previous quarter, and increasing by 21.1% for the whole year...
Second, the investment promotion and new market search activities of the Government and the Prime Minister throughout 2024 have been continuously promoted.
Vietnam has taken advantage of international advantages, bringing about the shift of textile orders due to the conflict in Bangladesh... creating opportunities for businesses to expand production, increasing import and export turnover, export-oriented industries all grew quite well such as: Textile, garment, leather and footwear industry group grew over 10%; bed, wardrobe, table and chair manufacturing industry group increased by 23.8%, electricity and electronics industry group increased from 8.3% to 11.9%.
Third, the proactive and drastic participation of localities: Local authorities strive to reform administrative procedures, gradually improve the quality of infrastructure, and are proactive in investment promotion: Bac Giang, Hai Phong, Quang Ninh, Bac Ninh, Nghe An, Ba Ria - Vung Tau...
Fourth, consumer demand in world markets is on the rise, which is a positive signal to boost industrial production," Ms. Huong assessed.
Continue to remove obstacles and support businesses
According to General Director Nguyen Thi Huong, in order for industrial production activities to continue to grow positively next year, there needs to be solutions to support and resolve difficulties in capital for production and business for enterprises.
Enterprises really need the government, all levels and sectors to support enterprises to overcome difficulties, prioritize policies for enterprises that suffered damage caused by the storm in product consumption such as: Searching and expanding export markets, supporting taxes, export fees, reducing logistics costs...
The Government, all levels and sectors promote the disbursement of support packages for businesses in a timely and effective manner. In particular, remove difficulties and create favorable conditions for businesses to borrow preferential loans quickly and conveniently; stimulate domestic consumption.
In particular, according to Ms. Nguyen Thi Huong, in the coming time, it is necessary to simplify administrative procedures, quickly disburse public investment, create conditions to promote production and business, especially the construction and industrial development sectors, solve employment and income for workers, and contribute positively to economic growth.
Promote effective activities in preventing smuggled goods, fighting transfer pricing, and labeling fraud in enterprises. Promote and promote domestic consumption policies, stimulate domestic consumption "Vietnamese people consume Vietnamese goods".
