Illustrative image (Source: VNA) HCM City (VNA) – Ho Chi Minh City’s industrial productionindex tended to stall, up only 6.07 percent in the four months this year comparedto 7.09 percent one year earlier, said Deputy Director of the municipalDepartment of Industry and Trade Nguyen Huynh Trang.
During a meeting held by the municipal People’s Committee onMay 2 to discuss local socio-economic-cultural affairs, State budget collectionand spending for April and major tasks for May, Trang said 99 percent of firmsoperating in the city are micro, small and medium-sized ones so that theircompetitiveness is limited. Meanwhile, foreign-invested enterprises have contributedto 35.5 percent of the city’s industrial production value over the past fiveyears.
The city now makes up 32 percent of the total industrialproduction in the southern key economic zone and nearly 16 percent of thecountry’s total. The growth of the city’s industrial production index has beenlower than the country’s average in the recent five years.
Trang said the local economy continues to switch to servicesthat account for 59.54 percent of its gross regional development product in thefirst quarter.
During the four months, mechanical engineering expanded by2.48 percent, lower than 18.89 percent recorded in the same period last yearwhile manufacturing of motorised vehicles was down 26.8 percent compared to an 84.19percent rise year-on-year. It was partly due to the adoption of Euro 4 emissionstandards from January 2018.
Chairman of the municipal People’s Committee Nguyen ThanhPhong asked the department to advise the city to issue development plans forkey products, improve competitiveness, and develop trademarks.-VNA
During a meeting held by the municipal People’s Committee onMay 2 to discuss local socio-economic-cultural affairs, State budget collectionand spending for April and major tasks for May, Trang said 99 percent of firmsoperating in the city are micro, small and medium-sized ones so that theircompetitiveness is limited. Meanwhile, foreign-invested enterprises have contributedto 35.5 percent of the city’s industrial production value over the past fiveyears.
The city now makes up 32 percent of the total industrialproduction in the southern key economic zone and nearly 16 percent of thecountry’s total. The growth of the city’s industrial production index has beenlower than the country’s average in the recent five years.
Trang said the local economy continues to switch to servicesthat account for 59.54 percent of its gross regional development product in thefirst quarter.
During the four months, mechanical engineering expanded by2.48 percent, lower than 18.89 percent recorded in the same period last yearwhile manufacturing of motorised vehicles was down 26.8 percent compared to an 84.19percent rise year-on-year. It was partly due to the adoption of Euro 4 emissionstandards from January 2018.
Chairman of the municipal People’s Committee Nguyen ThanhPhong asked the department to advise the city to issue development plans forkey products, improve competitiveness, and develop trademarks.-VNA
VNA
