Go Dau Industrial Park, Long Thanh District of the southern province of Dong Nai. (Photo: VNA)HCM City (VNA) - Ho Chi Minh City’s Index of Industrial Production (IIP) rose9.7 percent year-on-year in the first four months of 2021, signalling apositive outlook for the local economy in the face of COVID-19, according tothe municipal Department of Industry and Trade.
In April alone, its IIP increased 3.3 percent month-on-month, with miningexperiencing the highest growth, of 58.4 percent, department director Bui TaHoang Vu said. Electricity production and distribution rose 25.6 percent,manufacturing and processing 2.8 percent, and water supply and waste treatment 1percent.
Data from the municipal Statistics Office shows that the four-month IIPof four key industries grew 11.7 percent from a year earlier and was over 2.0percentage points higher than the overall IIP. The highest growth was seen inelectronics manufacturing (27.7 percent), followed by mechanics (17.5 percent),food and beverages (7.4 percent), and pharmaceuticals (2.4 percent).
Meanwhile, the IIP of traditional industries was down 4.4 percent year-on-year,most notably the leather industry, which contracted 3.2 percent, and the fashionindustry 12.6 percent.
The southern economic hub saw foreign trade growing 21.3 percent during theperiod, with exports up 13.9 percent and imports 27.7 percent. The foreign-investedsector remained the primary engine of this growth, with exports and imports rising20.5 percent and 11.7 percent, respectively.
China continued to be HCM City’s largest customer, importing more than3.52 billion USD worth of goods and services in January-April, up 11 percentyear-on-year and accounting for 24.8 percent of the city’s total exports. Itwas followed by the US, Hong Kong (China), Japan, and the EU.
According to the latest report from the European Chamber of Commerce inVietnam (EuroCham), European business leaders started 2021 feeling positive andoptimistic about Vietnam’s trade and investment environment.
EuroCham’s Business Climate Index (BCI) hit 73.9 points in the first quarter- the highest score since the third quarter of 2019, before COVID-19 hit globaltrade and investment. This continues a positive upwards trend in the index,which has risen more than 47 points over the last 12 months.
“The BCI confirms once again that Vietnam is open for business,” saidEuroCham Chairman Alain Cany. “While countries continue to struggle with theimpact of COVID-19, Vietnam has ensured that companies here can continue theiroperations as close to normal as possible. This is helping to drive economicgrowth and fuel the confidence of European business leaders.”/.
