Industry and trade sector urged to restructure

The Ministry of Industry and Trade (MoIT) should focus resources on restructuring industries, trade and businesses which are operating in this field, the government leader has said.

Prime Minister Nguyen Tan Dung made the request while attending a conference to launch the industry and trade sector’s tasks this year, which took place in Hanoi on January 3.

Prime Minister Nguyen Tan Dung speaks at the conference (Photo: Vietnam News Agency)

The MoIT needs to examine and review investments made by State-owned economic groups, corporations and businesses in order to speed up the equitisation process and dissolve enterprises which have suffered prolonged losses and invested outside their core business, he said.

The Government leader suggested the ministry increase international integration activities to facilitate the firm penetration of Vietnamese goods into foreign markets.

PM Dung praised the sector’s achievements in 2011, highlighting industrial production value increase of 12.7 percent and export growth of 33 percent, making important contributions to stabilising the macro economy.

The sector should take the advantage in terms of agricultural production, retail market, workforce and mining industry to develop further, especially foster the development of the supporting industry, he noted.

Speaking at the conference, MoIT Minister Vu Huy Hoang said that in 2011 the ministry recorded positive results in all aspects, especially in building development plans, expanding the domestic market and ensuring a balanced supply-demand of essential goods.

The ministry stepped up business and investment activities while improving production capacity to serve domestic consumption and export, he said.

The minister said 2011 continued to be a busy year for international integration activities when the MoIT coordinated with other ministries and branches to actively participate in important international events and enhance cooperation in the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation (APEC) forum, the World Trade Organisation (WTO) and other international organisations.

Many bilateral economic and trade agreements came into force, creating opportunities and favourable conditions for boosting production, export and investment attraction, Hoang said.

The ministry actively implemented plans to restructure and equitise its wholly State-owned businesses on schedule, especially completing the equitisation of the Vietnam Steel Corporation and the Vietnam Petroleum Corporation, he added.

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