Acting Minister Le Manh Hung, representing the Party Committee of the Ministry of Industry and Trade, presented a report on industrial and trade development at the 14th Party Congress on 21/1. According to Mr. Hung, the industry and trade sector serves as a strategic pillar and a key driver for socio-economic development.

Over the past term, industrial production showed clear recovery and strong growth, averaging 6,1% annually. Notably, the energy sector experienced robust development, positioning Vietnam as the leader in Southeast Asia regarding power system scale.

"National energy security is ensured, fundamentally meeting the demands of socio-economic development," he stated, adding that the energy structure is undergoing a positive shift towards green and sustainable development.

Acting Minister of Industry and Trade Le Manh Hung presents a report at the 14th Party Congress on 21/1. Photo: MOIT

By the end of 2025, the total power generation capacity of the entire system, excluding imported power, is projected to reach approximately 87,600 MW, an increase of about 6,400 MW compared to 2024. The revised National Power Development Plan for 2021-2030 (Power Plan VIII) aims to ensure sufficient electricity supply for an average GDP growth of 10% per year during 2026-2030, and about 7,5% for the 2031-2050 period. Accordingly, the total capacity of domestic power plants, excluding exports, is targeted at 183,291-236,363 MW.

An estimated total investment of about 136,3 billion USD is required for power source and transmission grid development during 2026-2030, with an additional 130 billion USD needed from 2031-2035. From 2036 to 2050, Vietnam will require further investment of 569,1 billion USD for these activities.

Alongside the energy sector, processing and manufacturing industries grew by an average of 6,9% annually, driving the country's industrialization and modernization. Localization rates improved, and some key industries have established strong positions in global value chains.

Exports and imports consistently performed well, growing by an average of 10,9% annually. A high trade surplus has been maintained, contributing to foreign exchange reserves and macroeconomic stability.

The domestic market saw positive development, growing by an average of 7,7% annually, serving as a cushion that helped the economy withstand and recover quickly from external shocks. E-commerce experienced strong growth, averaging over 20% per year, leading digital transformation in businesses. International economic integration has been synchronized through 17 Free Trade Agreements (FTAs), encompassing nearly 6 billion consumers.

Despite these achievements, the industry and trade sector faces several limitations. These include low technological self-reliance and added value, and slow progress in green and smart transitions. Furthermore, energy infrastructure has not kept pace, and the power source structure is imbalanced. Exports heavily rely on imports and the Foreign Direct Investment (FDI) sector, while commercial and logistics infrastructure remains unsynchronized and costly.

In the upcoming period, Vietnam enters a new era characterized by science and technology, innovation, green and digital transformation, and deeper international integration. To accelerate industrial and trade development, Acting Minister Le Manh Hung stated that the Ministry of Industry and Trade will focus on improving institutions and policies, fostering a favorable business investment environment, removing bottlenecks, and mobilizing resources for development.

The industry and trade sector aims to restructure industry and trade in conjunction with science, technology, and innovation to enhance productivity, quality, and competitiveness. The ministry prioritizes mastering emerging industries and developing large domestic enterprises capable of leading key sectors. Energy, industrial, commercial infrastructure, and logistics centers will be developed synchronously, emphasizing green and smart approaches.

"The industry and trade sector is committed to shifting its mindset from management to creation, accompanying businesses, and transforming challenges into breakthrough opportunities," Mr. Hung added.

Phuong Dung