Thai Binh 2 Thermal Power Plant inauguration in April

The 10 outstanding events in the Industry and Trade industry in 2023 are:

(1) The project on restructuring the Industry and Trade sector was approved to enable the country to become a modern-industry of high-industrial-competitiveness by 2030.

(2) Four important national sector plans for the energy and minerals sector in the period 2021–2030, with a vision to 2050 approved by the government, opened up new development space for the energy and mining industries.

They are national electricity development planning; national planning on petroleum reserve and gas supply infrastructure; planning on exploration, processing, and use of minerals; and the national energy master plan.

(3) The Vietnam Competition Commission was established and launched, and The Law on Consumer Rights Protection (amended) was approved by the National Assembly.

(4) The MoIT contributed to removing difficulties, completing and accelerating the progress of key energy projects, such as Inaugurating Thai Binh 2 Thermal Power Plant and fixing thermal power units; putting into operation the 1-million-tonnes Thi Vai LNG Terminal, developing numerous liquefied natural gas (LNG) projects; and urgently deploying 500kV circuit 3 line projects, contributing to ensuring energy security.

Thai Binh 2 Thermal Power Plant was inaugurated on April 27, 2023, in My Loc commune, Thai Thuy district, Thai Binh province, with a total capacity of up to 1,200 MW, the largest capacity scale in the Northern Delta region. After being put into operation, the plant will provide more than 7.2 billion kWh of electricity to the national grid annually.

The operation of the 1-million-tonnes Thi Vai liquefied natural gas (LNG) terminal project has paved the way to bring the largest-scale imported liquefied natural gas (LNG) product to the Vietnamese market, officially adding Vietnam to the global LNG map. This is a project of PetroVietnam marking an important step in the process of transitioning energy towards green, clean, and sustainable, and ensuring national energy security.

In addition, to ensure sufficient electricity supply to serve the production, business, and consumption, the Ministry of Industry and Trade (MoIT) has directed and inspected coal-fired power plants, quickly fixing the machines with short-term and long-term problems to operate stably.

Moreover, 500 kV circuit 3 line projects from Quang Trach to Pho Noi with a total length of about 515 km, which is a key and urgent project, playing an important role in national energy security, especially in the Northern region, are being urgently implemented.

Thi Vai LNG Terminal in top 10 outstanding events of the industrial and trade sector

(5) The MoIT applied some more solutions to exploit more overseas markets. Resolution No.93/NQ-CP (dated July 5, 2023) on improving the performance of international economic integration, and promoting rapid and sustainable economic development in the period 2023-2030 was issued to improve the quality of international economic integration and competitiveness of the economy.

Some free trade agreements have just been signed or are being considered, like the Vietnam - Israel Free Trade Agreement signed in July, and Vietnam and UAE under negotiation for the Comprehensive Economic Partnership Agreement.

The trade balance continued reporting a trade surplus for the eighth consecutive year with a surplus in 2023 at nearly $30 billion, nearly three-fold higher than the previous year, contributing to raising foreign exchange reserves and stabilising the exchange rate, and macroeconomic indicators.

(6) Domestic trade grew positively, exceeding the set target, becoming a bright spot of the macroeconomy and a pillar of economic growth in the context of many difficulties in industrial production and export markets. Total retail sales of goods and service revenue in 2023 are estimated to increase by 9.6 per cent compared to 2022, exceeding the planned target of 8-9 per cent, contributing to maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

(7) E-commerce continued to maintain its top position in the world in terms of growth rate, driving digital economic development and digital transformation. Cross-border retail sales of goods increased highly, and e-commerce has been asserted as one of the pioneering fields of the digital economy, being momentum for economic development.

In 2023, the scale of Vietnam's retail e-commerce market is expected to reach $20.5 billion, an increase of about $4 billion (equivalent to 25 per cent) compared to 2022. This growth rate is ranked among the top 10 world's leading e-commerce growth rate countries as of December 2023.

(8) Developing digital transformation and e-government created a breakthrough, and the MoIT ranks first among all ministries and agencies in providing public services for people and businesses.

(9) The MoIT responded effectively in trade defence and protects exported goods early and from afar.

(10) There were strong changes in administrative discipline; improvement of the direction's effectiveness and efficiency associated with promoting the responsibility of leaders in performing public duties.

Source: VIR