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
No Vietnamese students in China infected with nCoV so far: embassy
The 17 Vietnamese students and their relatives in Wuhan city, the Chinese province of Hubei, where an acute respiratory disease caused by the novel coronavirus (nCoV) is raging, are currently in stable health and psychological condition, the Vietnamese Embassy in China said on January 26.
See more
Business
FDI inflow in Da Nang hits nearly 700m USD in 2019
Foreign investors pumped nearly 700 million USD into the central coastal city of Da Nang in 2019, according to the municipal Department of Planning and Investment.
Business
Da Nang welcomes first 1,250 foreign cruise visitors
The Westerdam cruise ship, carrying 1,250 foreign passengers, docked at Tien Sa port, the central city of Da Nang on January 26 (the second day of the Lunar New Year 2020).
Business
Industry 4.0 brings big changes for stock market
Increasing internet and mobile network coverage has changed the way Tran Van Toan, a stock investor with 15 years’ experience in Hanoi, does business.
Business
Minister: Motivation created for industry to develop
According to the Ministry of Industry and Trade, currently many industrial firms of Vietnam have not mastered the core technology, and they mainly join sections of low technological contents and added values.
Business
Oil and gas manufacturing affirms stuff in integration
At a recent symposium on measures to boost the development of Vietnam’s mechanic sectors, Prime Minister Nguyen Xuan Phuc stressed that the Government will establish a market for mechanic firms to develop, including facilitating the sector to seek for domestic and overseas markets for the country’s oil and gas engineering sector’s products.
