HCM City’s industrial production down in eight months
HCM City’s index of industrial production (IIP) has failed to gain any momentum this year due to COVID-19, falling 5.4 percent year-on-year in the first eight months, the municipal Department of Industry and Trade has reported.
HCM City (VNA) - HCM City’s index ofindustrial production (IIP) has failed to gain any momentum this year due to COVID-19,falling 5.4 percent year-on-year in the first eight months, the municipalDepartment of Industry and Trade has reported.
The IIP did, however, rise 4 percent month-on-month inAugust against July.
Consumption in manufacturing and processing was down 3.4percent year-on-year while inventory was up 20.7 percent, mostly in wood productionand processing, cigarettes, chemicals, and metallurgy.
Deputy Director of the municipal Department ofIndustry and Trade Nguyen Phuong Dong said local businesses have faced a raftof difficulties all year so need a debt waiver or extension or a tax reduction.
He suggested stimulating domestic consumption via the “Vietnameseprioritise Vietnamese products” campaign and teaching businesses how to accessnew policies under the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-VietnamInvestment Protection Agreement (EVIPA).
According to the municipal statistics department, thecity’s total trade surpassed 60.4 billion USD in the first eight months, up0.03 percent year-on-year.
China remained its largest importer, with totalrevenue of over 6.84 billion USD, up 35.5 percent year-on-year, followed by theUS and Japan.
꧙ Total retail of goods and consumption services topped 826.8 trillion VND (35.6 billion USD), down3.3 percent compared to the same period last year./.
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Illustrative image (Photo: VNA) 
