HCM City’s industrial production stalls in four months
Ho Chi Minh City’s industrial production index tended to stall, up only 6.07 percent in the four months this year compared to 7.09 percent one year earlier.
Illustrative image (Source: VNA) HCM City (VNA) – Ho Chi Minh City’s industrial production
index tended to stall, up only 6.07 percent in the four months this year compared
to 7.09 percent one year earlier, said Deputy Director of the municipal
Department of Industry and Trade Nguyen Huynh Trang.
During a meeting held by the municipal People’s Committee on May 2 to discuss local socio-economic-cultural affairs, State budget collection and spending for April and major tasks for May, Trang said 99 percent of firms operating in the city are micro, small and medium-sized ones so that their competitiveness is limited. Meanwhile, foreign-invested enterprises have contributed to 35.5 percent of the city’s industrial production value over the past five years.
The city now makes up 32 percent of the total industrial production in the southern key economic zone and nearly 16 percent of the country’s total. The growth of the city’s industrial production index has been lower than the country’s average in the recent five years.
Trang said the local economy continues to switch to services that account for 59.54 percent of its gross regional development product in the first quarter.
During the four months, mechanical engineering expanded by 2.48 percent, lower than 18.89 percent recorded in the same period last year while manufacturing of motorised vehicles was down 26.8 percent compared to an 84.19 percent rise year-on-year. It was partly due to the adoption of Euro 4 emission standards from January 2018.
Chairman of the municipal People’s Committee Nguyen Thanh Phong asked the department to advise the city to issue development plans for key products, improve competitiveness, and develop trademarks.-VNA
During a meeting held by the municipal People’s Committee on May 2 to discuss local socio-economic-cultural affairs, State budget collection and spending for April and major tasks for May, Trang said 99 percent of firms operating in the city are micro, small and medium-sized ones so that their competitiveness is limited. Meanwhile, foreign-invested enterprises have contributed to 35.5 percent of the city’s industrial production value over the past five years.
The city now makes up 32 percent of the total industrial production in the southern key economic zone and nearly 16 percent of the country’s total. The growth of the city’s industrial production index has been lower than the country’s average in the recent five years.
Trang said the local economy continues to switch to services that account for 59.54 percent of its gross regional development product in the first quarter.
During the four months, mechanical engineering expanded by 2.48 percent, lower than 18.89 percent recorded in the same period last year while manufacturing of motorised vehicles was down 26.8 percent compared to an 84.19 percent rise year-on-year. It was partly due to the adoption of Euro 4 emission standards from January 2018.
Chairman of the municipal People’s Committee Nguyen Thanh Phong asked the department to advise the city to issue development plans for key products, improve competitiveness, and develop trademarks.-VNA
You should also see
PM calls for whole nation to join hands for the poor
Prime Minister Nguyen Xuan Phuc has called on the whole nation to work together to help the poor escape poverty ensuring no one is left behind.
See more
Business
Japan’s UNIQLO to open store in HCM City
UNIQLO, a well-known Japanese global apparel retailer, is expected to open its first store in Vietnam by the end of the year in downtown Ho Chi Minh City.
Business
Vietnam’s bakery market shows fast growth
The bakery market has enjoyed compounded annual growth of 20-30 percent in recent years and is worth 700 million USD now, the chief of one of the country’s largest bakery chains has said.
Business
TH Milk becomes first exporter of milk to China
TH Milk Joint Stock Company has become the first Vietnamese firm to receive approval from the General Administration of Customs of China to export dairy products to the Chinese market.
Business
Derivatives pick up in October but signal slowdown in short term
The Vietnamese derivatives market has picked up over the last three weeks, with total trading volume nearly reaching the total figure recorded in September.
Business
Firms cautioned when exporting pepper to Myanmar
The Ministry of Industry and Trade’s Agency of Foreign Trade has warned domestic enterprises to take caution when exporting pepper to Myanmar after a local company was added into the list of importers under close watch by the Myanmar Customs.
