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Industry, trade sector aims high
The industry and trade sector has set a 16.5 per cent annual growth rate target for 2009 industrial production with a 10 per cent rise in value, according to the Ministry of Industry and Trade.
The industry and trade sector hopes to reach an export turnover of US$76.7 billion in 2009, up 18 per cent over 2008, and a trade deficit of $20 billion.
Meanwhile, the total value of the retail and service sector in the local market is targeted to reach VND1.2-1.5 trillion ($72 -90 million) in 2009, up 24-28 per cent over 2008.
In order to reach the target, the ministry said it would set aside a total investment of VND157.4 trillion ($9.4 billion) to focus on power generation, steel ingot and billets, fertilisers and pulp for paper production.
It will also encourage the development of some other key industries such as natural resources exploitation and processing, food processing, and ancillary production.
Meanwhile, leather footwear, one of the country’s key exports, will see tough times ahead as the EU is imposing anti-dumping duties on leather footwear from Viet Nam. In addition, Vietnamese leather footwear will be excluded from the Generalised System of Preferences (GSP), effective from 2009.
The GSP aims to encourage developing countries’ exports by allowing their products preferential access to the markets of most EU members. Therefore, the ministry urged the footwear sector to boost export to other markets including Japan, China, South Korea, Canada and the US.
The Ministry of Industry and Trade said it had asked its member companies to complete their business and investment plans for 2009 in a bid to create proper policies. The ministry said these plans would be used as references for provincial departments of industry and trade and authorities to create local development policies.
VNN
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