Impressive growth of industrial production creates premise for 2022

In 2021, the economy was heavily affected by the COVID-19 pandemic and the industrial production sector was no exception. However, thanks to the efforts of the Government, ministries, branches and localities, especially the creativity, flexibility and initiatives of enterprises, industrial production achieved breakthrough results, helping the industry to achieve impressive growth. This is an important premise for the entire industry to enter 2022, with greater expectations.

Component production line for electronic products at INOAC Vietnam Co., Ltd in Quang Minh Industrial Park (Hanoi). (Photo: hanoimoi.com.vn)
Component production line for electronic products at INOAC Vietnam Co., Ltd in Quang Minh Industrial Park (Hanoi). (Photo: hanoimoi.com.vn)

For industrial production in the fourth quarter of 2021, General Director of the General Statistics Office (GSO) Nguyen Thi Huong said, after localities implemented Resolution No. 128/NQ-CP on October 11, 2021, the Government promulgated the temporary regulation "Safely adapting, flexibly, effectively controlling the COVID-19 epidemic", industrial production has prospered clearly and the added value reached 6.52% over the same period in 2020.

For the whole year of 2021, the added value of the entire industry increased by 4.82% compared to 2020. In which, the processing and manufacturing industry increased by 6.37%, contributing 1.61% to the overall growth of the economy.

The production index in 2021, for several key industries also surged against 2020, such as metal production up 22.1%; motor vehicle production 10.2%; electronic, computer, and optical products 9.6%; and coal mining 9%.

Regarding FDI attraction over the year, the processing and manufacturing sector continued to lead with a registered FDI capital totalling 7.25 billion USD, accounting for 47.6% of the total newly-registered capital.

According to the Ministry of Industry and Trade (MoIT), many businesses have quickly regained their growth momentum after the Government issued Resolution No. 128/NQ-CP, on safely and flexibly adapting to and effectively controlling the pandemic.

Economic experts said that the results achieved in 2021, created an important premise for industrial production to achieve stronger development, thus serving as a main contributor to the economic growth.

Impressive growth of industrial production creates premise for 2022 ảnh 1

Production of garments for export at Son Ha Garment Joint Stock Company (Son Tay town). (Photo: hanoimoi.com.vn)

The MoIT will continue to focus on removing difficulties facing important industrial projects, and maximizing its support for factories in maintaining and recovering their production.

The industry and trade sector will also effectively implement measures of the Government in order to help businesses recover financial and labour resources serving their production.

Attention will also be paid to speeding up industry restructuring in the direction of increasing the proportion of processing and manufacturing industries and reducing the proportion of contracting and assembling for industrial products manufactured in Vietnam, gradually removing difficulties for enterprises to increase competitiveness and step by step establishing technical barriers for imports to support and raise the local content of domestic products .