Industry set to grow handily in 2022

Vietnam’s industrial sector has posted positive results in early 2022 and is forecast to see a host of opportunities for development in 2022, according to a report from the Ministry of Industry and Trade (MoIT).

There are a number of key industries with high production indexes in January compared to the opening month of last year, such as ore and metal mining, which rose by 21.9 per cent, prefabricated metal products, by 16.8 per cent, clothing, by 11.4 per cent, electrical equipment, by 11.5 per cent, leather and related products, by 11.3 per cent, textiles, by 8.8 per cent, and other processing and manufacturing industries, by 15.3 per cent.

In addition, a report from the World Bank (WB) shows that Vietnam’s macro-economic situation will present many growth opportunities in 2022. The implementation of a number of new-generation free trade agreements (FTAs), such as the CPTPP, EUVFTA, and RCEP, will create conditions for it to its exports and grow production, especially in key industries such as leather and textiles, and electronics, etc., as businesses secure large international orders.

The MoIT will focus on perfecting policies to promote the development of foundational industries, supporting businesses and localities in industrial development. At the same time, it will continue to strengthen international cooperation, promote foreign markets, and make the most of opportunities from countries and territories Vietnam has FTAs with to promote the export of key commodities and link domestic enterprises and global production chains.