Enterprises in HCM City optimise IIP growth to boost production hinh anh 1Illustrative image (Source: VNA)
HCM City (VNA) – Ho Chi Minh City’s index of industrial production (IIP) in March increased 25.9 percent month-on-month and 5.5 percent year-on-year.

The index in the first quarter of this year rose 1 percent, with processing and manufacturing up 0.4 percent; power production and distribution up 3.3 percent; and water supply and waste treatment up 4.2 percent.

The business community in the southern economic hub expects to utilise this growth to continue the stable recovery and development of industrial production.

Phan Minh Thong, Chairman of Phuc Sinh Group, pointed out the challenges facing domestic enterprises, including fierce competition from e-commerce platforms.

As a solution, he suggested Vietnamese enterprises diversify their export markets to bring into full play IIP growth.

Le Huynh Minh Tu, Deputy Director of the HCM City Department of Industry and Trade, said his department plans to organise meetings, consultations, experience exchanges and cooperation programmes with associations and businesses at home and abroad.

It will also focus on trade and investment promotions across a range of markets and groups of commodities to facilitate Vietnam’s accession to global value chains, while boosting cooperation in areas such as the digital economy, e-commerce, logistics and industry.

Statistics showed that between January 1 and March 13, 2022, HCM City licensed 8,477 firms with total registered capital of over 140.3 trillion VND (6.14 billion USD), up 34.5 percent in volume but down 5.7 percent in capital.

Of the businesses, 993 were in the industrial sector, with combined capital of 30.7 trillion VND, down 44.1 percent year-on-year./.