Hanoi (VNA)😼 - The industry and trade sector should exert efforts to speed up the implementation of the revised Electricity Law and the policy on restarting the Ninh Thuan nuclear power project in the south-central province of the same name, Deputy Prime Minister Bui Thanh Son has said.

Addressing a conference to sum up the sector’s work in 2024 and put forward tasks for next year on December 23, Son noted that as opportunities will significantly decrease, while challenges will continue to increase in 2025, research and advisory work must be done even better. He stressed the need to focus on accelerating the implementation of socio-economic development plans for the 2021-2025 period, while preparing to strengthen the foundational elements as a basis for the country to confidently enter a new era – the era of the nation’s rise as directed by Party General Secretary To Lam. To unlock resources and attract investment, Son highlighted the importance of creating a favourable, clear, and transparent legal environment, remove barriers, and promote industrial development. Accordingly, the work of building institutions and policies must be identified as one of the three strategic breakthroughs. He urged the sector to review, complete and submit to the Prime Minister for approval a strategy for the development of industrial sectors to enhance the independent and self-reliant capacity of Vietnam's production system. The strategy should focus on developing industries that use advanced technologies, have high added value, and low carbon emissions, he stated, adding that there should be strong incentive mechanisms to foster the development of priority areas in key industries, such as metallurgy, mechanical engineering, electronics, semiconductor, the hydrogen energy industrial ecosystem, the maritime industry ecosystem, and high-speed rail systems. The Deputy PM also mentioned the implementation of projects to ensure national energy security, and the adjustment of the National Power Development Plan VIII to align with global trends. He emphasised the need to enhance cooperation in electricity trade with neighbouring countries, strengthen trade promotion activities, diversify markets, and direct trade offices to work closely with foreign affairs agencies to implement measures for broadening and diversifying markets, ensuring market penetration, and avoiding over-dependence on a single market. Regarding the ongoing organisational restructuring, he requested the Ministry of Industry and Trade to urgently implement the restructuring plan after approval by the relevant authorities, quickly stabilise the organisation and ensure there is no disruption in the execution of tasks, and have appropriate regimes and policies for officials, and public servants during this process. According to Deputy Minister of Industry and Trade Phan Thi Thang, import-export has been a bright spot and one of the main drivers of economic growth this year, with total trade turnover reaching a new record of nearly 800 billion USD, up 15% year-on-year. The trade balance has recorded a surplus for the ninth consecutive year, at nearly 25 billion USD, helping to increase foreign exchange reserves, stabilise the exchange rate, and strengthen key macroeconomic indicators. The industrial sector has strongly recovered, with an impressive growth rate of 8.4%, of which the manufacturing and processing industry has grown by nearly 10% (compared to just under 1% in 2023), creating a significant impetus for macroeconomic growth./.