HCM City’s industrial production index hits five-year high
Ho Chi Minh City witnessed expansion of industrial activities in the first quarter of this year, recording a 6.24 percent rise in the Index of Industrial Production (IIP), the highest level in the past five years.
HCM City’s industrial production index hits five-year high of 6.24 percent in Quarter 1. (Photo: VNA)
HCM City (VNA) – Ho Chi Minh City witnessed expansion of industrialactivities in the first quarter of this year, recording a 6.24 percent rise inthe Index of Industrial Production (IIP), the highest level in the past fiveyears.
According to the municipal Department of Industry and Trade, the industrialprocessing and manufacturing inched up 6.1 percent, and four key industries (mechanics;food processing; chemicals, plastics and rubber; and electronics andinformation technology) grew 6.82percent.
Meanwhile, revenue from retail sales and services surpassed 286.3 trillion VND(12.32 billion USD), up 12.87 percent from the same time last year.
During the period, the city generated 9 billion USD from exports, surging 5.7percent year on year, while its imports increased 1.3 percent to 10.84 billionUSD.
Deputy Director of the Department of Industry and Trade Nguyen Phuong Dong gavea bright outlook for the domestic retail sales in the second quarter as localfirms have received many new orders.
Dong said domestic retailers are in fierce competition with foreign giants togain market share while free trade deals put pressure on local manufacturers asthey have to fight to maintain their competitive edge over foreign rivals whowill penetrate the market once the agreements take effect.
To that end, the department pledged to step up administrative reform, work withlocal firms to remove their bottlenecks and measure citizens and businesses’satisfaction with local public services.
In addition, it has worked to develop e-commerce, carry out marketstabilisation programmes and hold conferences to connect suppliers and buyersin the industrial and trade sectors.
The department also plans to work with competent authorities to branch out keyand potential industrial products, and outline policies to help investorsexpand their businesses.-VNA
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HCM City’s industrial production index hits five-year high of 6.24 percent in Quarter 1. (Photo: VNA) 
