Industrial production motive for industrial growth
Industrial production motive for industrial growth: minister
Strong growth in industrial production was the main motive for industrial expansion in 2017, Minister of Industry and Trade Tran Tuan Anh said at a conference in Hanoi on January 15.
Hanoi (VNA) – Strong growth in industrial production was the main motivefor industrial expansion in 2017, Minister of Industry and Trade Tran Tuan Anhsaid at a conference in Hanoi on January 15.
The index of industrial production grew 9.4 percent in 2017, well above thegrowth of 7.4 percent in the previous year, driven by steady expansion inmanufacturing-processing (14.5 percent), he noted.
Consumption of the manufacturing-processing sector continued to enjoy a upwardtrend with an increase of 13.6 percent as of November, 2017, higher than the8.5-percent rise in 2016, the minister highlighted, saying that the two-digitgrowth was seen in the consumption of beverage, garment and textiles,production of leather and leather products and production of medicine andpharmaceuticals, which contributed to boosting domestic production.
He noticed that the inventory index witnessed a year-on-year surge of 8percent, lower than the 8.3 percent year-on-year increase in 2016. Also, hesaid that the engineering sector worked to master design and manufacturing ofstructural steel to increase the local content rate.
However, the support industry should be paid more attention so that localindustrial production can join in the global production and value chain, heunderlined.
Production of themanufacturing-processing sector is forecast to continue to be on track in 2018thanks to numerous operational investment projects.
The Ministry is working on the restructuring of state-owned enterprises tobetter off business efficiency in key industrial segments of the country as partof efforts to realise the sector’s goal of 9 percent growth in 2018.
The move aims toslash management costs, improve business operation and ensure sustainableeconomic growth in the coming years, Minister Anh said.
The Ministry will prioritise networking events to connect and support localfirms so that they can participate in supply chain while focus on foreign-investedprojects to take advantages of economic integration.
Under the support industry development programme, the ministry has carried outan array of projects to back automobile industry, electronics industry, garmentand textiles and leather shoes.-VNA
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Illustrative photo (Source: VNA) 
