Industry, trade sector plays key role in double-digit growth target

Industry, trade sector plays key role in double-digit growth target

Prime Minister Lê Minh Hưng on Wednesday told the industrial and trade sector to take the lead in addressing existing problems and promote production and business activities, as the sector plays a key role in helping the country meet its double-digit growth target.

A view of the meeting. —Photo baochinhphu.vn

Prime Minister Lê Minh Hưng on Wednesday told the industrial and trade sector to take the lead in addressing existing problems and to promote production and business activities, as the sector plays a key role in helping the country meet its double-digit growth target.

Speaking at a working meeting with the Ministry of Industry and Trade (MoIT) on the progress of implementing assigned tasks for 2026, the PM said that rapid, complicated and unpredictable changes are expected to continue worldwide, directly affecting the nation’s socio-economic development goals and the sector's tasks.

The MoIT is facing many challenges, including a potential decline in global economic growth, pressure from technical barriers and trade protection measures in other countries, and international geopolitical tensions.

Other issues include the need to ensure national energy security and internal challenges regarding production capacity, as well as institutional and administrative barriers.

Meeting these requirements, especially the goal of sustainable double-digit growth, will be a tough task for the ministry.

"Achieving the set targets, including double-digit growth, depends heavily on the quality and efficiency of the industry and trade sector's performance. The MoIT must shoulder the central task, take the lead in addressing existing problems, and promote production and business activities to achieve the set targets," Hưng noted.

As for key responsibilities, the PM said the ministry should urgently implement plans to promote the areas under its management, including energy, petroleum, science and technology, innovation, exports and domestic markets.

Specifically, he asked the MoIT to focus on building and refining the institutional framework, and to quickly submitting and issuing guiding documents, avoiding delays and backlogs.

Draft laws amending a number of articles of the Law on Petroleum, the Law on Commerce, the Law on Electricity and the Law on Derivatives of Commodity Transactions must be submitted to the second session of the 16th National Assembly, Hưng said.

As the Government has issued Resolution 82/NQ-CP approving policies in the Law on Key Industries, the PM asked the MoIT to quickly complete the draft law for submission to the National Assembly for approval at its second session.

The PM also instructed the MoIT to coordinate with other relevant ministries to review and streamline regulations on its functions and tasks. This would ultimately help define the authority of ministries and central agencies and avoid overlapping responsibilities, especially in the management and exploitation of minerals, industrial parks, export processing zones and State-owned enterprises in the industrial and trade sector.

Directives from the Government Standing Committee on decentralisation should be implemented along with the reduction and simplification of administrative procedures and business conditions.

The MoIT must also ensure energy security and prevent electricity and fuel shortages under all circumstances.

It needs to urgently review and update the Power Development Plan VIII, develop a plan to restructure the fuel distribution system towards reducing intermediaries and costs, begin construction of national fuel reserves and accelerate the use of E10 gasoline, the PM noted.

To help establish a new growth model, the MoIT must also accelerate the restructuring of industrial and supply chains, promote in-depth industrial production and enhance domestic production self-reliance.

At the same time, it needs to improve the efficiency of import and export activities, diversify export markets, carefully prepare for negotiations on reciprocal tariffs with the US, optimise and effectively utilise signed FTAs and negotiate new FTAs.

The PM also asked the MoIT to digitise and modernise the domestic distribution system and stimulate domestic consumption. 

Bizhub