HCM City’s 10-month IPI drops 4.7 percent in wake of COVID-19
HCM City’s industrial production index (IPI) from January to October declined 4.7 percent from the same period last year in the wake of COVID-19, according to the municipal Department of Industry and Trade.
HCM City (VNA) – HCM City’s index of industrial production index (IIP) from Januaryto October declined 4.7 percent from the same period last year in the wake ofCOVID-19, according to the municipal Department of Industry and Trade.
The contractionwas attributed to the economic fallout caused by the pandemic in Vietnam, coupled with shortage of importedmaterials and weakening demand since a number of Vietnam’s major foreign partnersare coping with the resurgence of the novel coronavirus.
Only nine out of the 30 industrial sub-sectors recordedgrowth in the first 10 months of this year while sharp decreases were seen in someothers, notably metal production which nosedived 24.1 percent; processing of woodand manufacturing of wood and bamboo-made products (excluding beds, wardrobes,tables and chairs), down 23.1 percent; and apparel production, 21.7 percent,the department said.
The localindustrial producers have shifted to the “new normal” when the COVID-19outbreak was brought under control but many are still struggling to survive,Deputy Director of the department Nguyen Phuong Dong said.
It is crucial tooffer them swift, innovative and long-term supports, he said, citing severalexamples, such as supports in marketing, gaining updates on foreign marketssupplying fuels, materials, components and accessories, and seeking new buyers.The enterprises also expect to receive tax reduction and deferral and help fromthe government to stimulate domestic demand, he added.
Data from themunicipal statistics office shows that the southern hub’s 10-month exports roseby 5.5 percent while imports dropped 1.8 percent. The foreign-invested sectorremained the main driver of the foreign trade with exports surging 9.6 percentand imports 7.3 percent.
China remained asHCM City’s largest buyer with export revenue exceeding 8.8 million USD, up 30.3percent year-on-year and accounting for 26.6 percent of the total export. Thecity’s trade deficit with China reached nearly 3.7 million USD./.
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Illustrative image (Photo: VNA) 
