HCM City records a month-on-month increase of 7.9 percent in the Index of Industrial Production in May (Photo: VNA) HCM City (VNA) - The Index ofIndustrial Production (IIP) for HCM City in May rose 7.9 percent against Aprilbut was down 15.5 percent year-on-year, according to the city’s Department of Industryand Trade.
The department said this reveals an improvementin local industrial production compared to April, but as COVID-19 has yet to becontained in many countries that are major trade partners of Vietnam, the IIPcontracted against May last year.
The five-month IIP, meanwhile, was down 7.2percent year-on-year.
The consumption indicator in processing and manufacturingfell 5 percent from a year earlier. Metal products, wooden and bamboo items(except furniture), machinery, and electrical devices posted sharp year-on-yeardeclines in sales.
Between January and May, the inventory indexsurged 84.4 percent in electrical device production, 67.2 percent in chemicaland related product manufacturing, 43.3 percent in metal production, and 40.5percent in motorised vehicle manufacturing.
Meanwhile, local businesses earned more than3.38 billion USD from exports in May, up 10 percent month-on-month. Overseasshipments increased 6.3 percent year-on-year to more than 16.96 billion USDduring the first five months of the year.
Deputy Director of the department Nguyen PhuongDong said China remained the city’s largest export market, with 3.97 billionUSD worth of goods shipped there during the five-month period, an increase of38.5 percent year-on-year and accounting for 25.7 percent of the city’s totalexports, followed by the US and Japan.
Exports to the EU, whose free trade agreementwith Vietnam is to take effect shortly, was approximately 1.85 billion USD,down 11.6 percent from a year earlier and equal to 11.9 percent of the city’stotal./.
VNA
