Industrial production in HCM City needs long-term support: Insiders
Businesses in HCM City are in need of specific and long-term solutions, given that its index of industrial production (IIP) fell 4.9 percent in the first nine months of this year, according to insiders.
Rising 9.6 percent in September against August, yet the IIP in HCM City has failed to gain ground this year. (Photo: VNA)
HCMCity (VNA) - Businesses in HCM City are in need of specific and long-termsolutions, given that its index of industrial production (IIP) fell 4.9 percentin the first nine months of this year, according to insiders.
Rising 9.6 percent in September against August, yet the IIP has failed to gain groundthis year, the municipal Department of Industry and Trade said.
Sectorssuch as processing and manufacturing, electricity generation and distribution, andwater supply and waste treatment posted declines ranging from 1.2 to 5.8percent in the period.
Sharpfalls were seen in metals (29.1 percent), wood and wooden products, exceptbeds, wardrobes, tables and chairs, (22.6 percent), clothing (20.3 percent), andother processing and manufacturing industries (19.2 percent).
TheIIP in electronics and chemistry rose 18.5 percent and 7.6 percent,respectively.
Figuresshow that the consumption index for the processing and manufacturing sector fell3.6 percent year-on-year in the January-September period. Its inventory index,meanwhile, remained high in certain areas like copying, wood processing, andchemical production.
NguyenPhuong Dong, Deputy Director of the Department of Industry and Trade, attributed the situation tothe COVID-19.
Hirai Shinji, Chief Representative of the Japan Trade PromotionOrganisation (JETO) in HCM City, said Vietnam has emerged as a leading investmentdestination.
He suggested the country update equipment and technologies, increaseproductivity, and improve workplace knowledge in order to integrate more deeplyinto the global supply chain./.
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Rising 9.6 percent in September against August, yet the IIP in HCM City has failed to gain ground this year. (Photo: VNA) 
