Workers at Phuong Nam Garment Trading Import Export Joint Stocks Company in Ho Chi Minh City. (Photo: VNA) HCM City (VNA) – Ho Chi Minh City’s Index of Industrial Production (IIP) in January reduced by 21.4% compared to the previous month, according to the city’s Department of Industry and Trade.
This year’s week-long Lunar New Year (Tet) Festival that falls in January was blamed for the decreased production as the production time in the month was less than the previous month’s.
Some industries in the city also saw lower production indexes, for example, the processing and manufacturing industry down 22%, electricity generation and distribution down 12.8%, water supply and waste treatment down 8.4%.
Besides, all 30/30 secondary industries decreased compared to the previous month and 15 out of the 30 industries dropped by over 20%.
To meet people’s demand in the city in January 2023, especially during the Tet celebrations, the city's industry and trade sector coordinated with the business community to ensure the production, distribution, retail and supply of essential goods to the market.
Manufacturers and enterprises were required to stabilise prices and prepare raw materials, increase production, arrange warehouse systems, and meet market demand.
However, compared to the same period last year, the city’s IIP in January 2023 also decreased by 15%. Of the 30 secondary industries, only four industries saw growth, including drink production, coke production, refined petroleum products, rubber/plastic products, and the exploitation, treatment and supply of water.
Nguyen Nguyen Phuong, Deputy Director of the municipal Department of Industry and Trade, said that since 2022, the city’s industrial production has been restored in most industries thanks to the business community's efforts to expand production and business to offset the disruption period affected by the COVID-19 pandemic.
The department is implementing a programme to improve qualifications, management capacity, productivity, and product quality management for enterprises in supporting industries.
It also supported enterprises to supplement resources and improve competitiveness, he said, adding that solutions to stimulate investment in supporting industries in this period are also essential.
The municipal People’s Committee also passed a plan to carry out the supporting industry development programme between 2022-2023 with assistance in supply-consumption connection, production management, and human resources training./.
