The central coastal and Highlands region reported an industrial growth of 14.3 percent year on year to almost 50.18 trillion VND (roughly 2.46 billion USD) in the first half of the year.
The figure, however, showed that the region, which consists of 14 provinces and cities, achieved just 45.6 percent of the yearly target, the Ministry of Industry and Trade reported at a conference in the central coastal province of Quang Ngai on July 20.
The private economic sector played a key role in industrial production, contributing almost 48 percent to the regional output. The sector registered a year-on-year increase of 18.2 percent in industrial output value to over 24 trillion VND in the first half of the year.
It was followed by the State economic sector, which made up almost 36 percent of the regional industrial output by recording an output value of over 18 trillion VND or an increase of 8.4 percent over the same period last year.
Foreign-invested businesses managed to increase industrial production output by 16.8 percent year on year to over 8.13 trillion VND, contributing 16.2 percent to the regional total.
Retail sales were estimated at almost 131 trillion VND (roughly 6.42 billion USD), representing a year-on-year rise of 25.5 percent and a fulfilment of 52.8 percent of the yearly target.
The region posted an export turnover of almost 2.71 billion USD, up by 30 percent over the same period last year and achieving 53.1 percent of the yearly target.
The trade deficit, however, was still a problem with the region’s import turnover up 63.4 percent year on year to almost 3.5 billion USD, accounting for 59.4 percent of the yearly target.
In an effort to solve the problem, the region has planned the “Vietnamese consumers use Vietnamese goods” campaign and vowed to crack down on smuggling and fraudulent trading as well as production and trading of faked and low-quality products.