HCM City (VNA) – Industrial production firms in HoChi Minh City have not yet showed signals of recovery due to the COVID-19pandemic.
According to the municipal Statistics Office, the city’s indexof industrial production decreased by 5.6 percent monthly in September. In ninemonths of this year, the index went down 12.9 percent year-on-year, mostly manufacturingand processing, electricity production and distribution, water supply and wastetreatment.
Only three sectors recorded expansion, including metal production up 3.5percent, electrical equipment up 1.7 percent, water exploitation and supply up0.1 percent.
Four key industries posted contraction in nine months, includingelectronics down 15 percent, food and beverages 14.5 percent, mechanicalengineering 8.1 percent, and pharmaceuticals 7.4 percent.
Consumption index of manufacturing and processing sector slumped by14.3 percent while that of metal production, and machinery and e⛎quipment up11.6 percent and 1 percent, respectively.
The above figures showed that local enterprises are meetingdifficulties in meeting delivery schedules due to supply chain disruption. Apart from stepping up vaccination and gradually resumingproduction and trade activities, the city is offering support to firms,including preferential loans to small and medium-sized enterprises, reducinglending rates, and waiving individual and corporate income taxes. The Finance Ministry forecast that due to the serious impacts ofthe pandemic, firms in several sectors still find it hard to recover,especially those working in tourism, aviation and transportation./.
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Illustrative image (Photo: VNA) 
