HCM City’s 10-month IPI drops 4.7 percent in wake of COVID-19
HCM City’s industrial production index (IPI) from January to October declined 4.7 percent from the same period last year in the wake of COVID-19, according to the municipal Department of Industry and Trade.
Illustrative image (Photo: VNA)HCM City (VNA) – HCM City’s index of industrial production index (IIP) from January to October declined 4.7 percent from the same period last year in the wake of COVID-19, according to the municipal Department of Industry and Trade.
The contraction was attributed to the economic fallout caused by the pandemic in Vietnam, coupled with shortage of imported materials and weakening demand since a number of Vietnam’s major foreign partners are coping with the resurgence of the novel coronavirus.
Only nine out of the 30 industrial sub-sectors recorded growth in the first 10 months of this year while sharp decreases were seen in some others, notably metal production which nosedived 24.1 percent; processing of wood and manufacturing of wood and bamboo-made products (excluding beds, wardrobes, tables and chairs), down 23.1 percent; and apparel production, 21.7 percent, the department said.
The local industrial producers have shifted to the “new normal” when the COVID-19 outbreak was brought under control but many are still struggling to survive, Deputy Director of the department Nguyen Phuong Dong said.
It is crucial to offer them swift, innovative and long-term supports, he said, citing several examples, such as supports in marketing, gaining updates on foreign markets supplying fuels, materials, components and accessories, and seeking new buyers. The enterprises also expect to receive tax reduction and deferral and help from the government to stimulate domestic demand, he added.
Data from the municipal statistics office shows that the southern hub’s 10-month exports rose by 5.5 percent while imports dropped 1.8 percent. The foreign-invested sector remained the main driver of the foreign trade with exports surging 9.6 percent and imports 7.3 percent.
China remained as HCM City’s largest buyer with export revenue exceeding 8.8 million USD, up 30.3 percent year-on-year and accounting for 26.6 percent of the total export. The city’s trade deficit with China reached nearly 3.7 million USD./.
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