HCM City (VNA) – Ho Chi Minh City’s Index of Industrial Production (IIP) increased by 6.9% year-on-year in the first nine months of this year, the municipal Department of Industry and Trade has reported.
Industrial production activities in the city continued to recover positively during the period. The improved IIP showed that the city's stimulus programmes, and the connection of domestic and international supply chains has generated excellent outcomes.
In September alone, the IIP rose 3.4% against August and 11.2% from the same period last year.
The index in the mining sector went up 2.7% month-on-month and 38.6% year-on-year, while that of the processing and manufacturing industry climbed 3.6% and 11.3% respectively. Electricity production and distribution saw the index down 2.4% month-on-month and up 5.1% year-on-year.
In particular, industrial production is identified as one of the pillars that have affected the city's overall economic growth, and proved the effectiveness of the city's stimulus programmes.
As an economic locomotive and industrial hub of Vietnam, HCM City has focused on promoting the development of key industries, including supporting industries and precision mechanics.
Vice Chairman of the municipal People's Committee Vo Van Hoan said it is necessary to continue implementing the demand stimulus programmes and connecting domestic and international supply chains as the localisation rate, despite remarkable results, still hasn't developed as expected.
With the increasing demand of multinational corporations for domestic supply sources, it requires local authorities, industry associations and enterprises to make further efforts to create breakthroughs, especially in areas requiring high technology such as aviation, electronics, and automobiles./.
