HCM City’s index of industrial production (IIP) in the nine-month period surged 7.89 percent year-on-year.(Photo: VNA) HCM City (VNA) – Ho Chi Minh City enjoyed robust industrial growthin the first nine months of the year thanks to improvements in its businessclimate, the municipal Department of Industry and Trade (DoIT) said on October11.
A report from the DoIT showed that many foreign direct (FDI) firms came to landinvestment in production, as well as industrial processing and manufacturing inthe city during January-September.
The city’s index of industrial production (IIP) in the nine-month period surged7.89 percent year-on-year, with industrial processing and manufacturingincreasing 8.1 percent. Meanwhile, the four key sectors of mechanicalengineering, electronics and IT, chemical-rubber-plastic, and food processingrose by a combined 8.39 percent.
Local enterprises said that as ministries and sectors have issued an array ofpolicies to support domestic firms and automobile industry, the mechanicalengineering industry experienced a sharp rise in production.
Meanwhile, the chemical-rubber-plastic sector expanded 3.63 percent andelectronics shot up 18.28 percent.
According to experts, businesses operating in the four industrial sectors have madesubstantial improvements in their production capacity and quality of productsfor export. They have also paid due attention to domestic markets, offeringexcellent products that can compete with the imported varieties.
With a view to fulfilling the IIP target of 8-8.5 percent in 2018, Vice Directorof the Department of Industry and Trade Nguyen Phuong Dong said that thedepartment is working to remove bottlenecks for local firms, supporting them tobranch out market and trade promotion, as well as connecting the supply anddemand of industrial and supporting industry products.
The city has carried out solutions towards implementing DecreeNo.111/2015/ND-CP on developing the supporting industry, aiming to locally supply35 percent of spare parts for domestic automobile production.
To be more specific, the Ho Chi Minh City Centre of Support IndustriesDevelopment is joining hands with competent branches and sectors to help localcompanies improve their competitive capacity and participate in global valuechains.
Many businesses have invested heavily in advanced technologies, which allowthem to create brilliant products with a competitive edge over imported options.
Furthermore, the city is evaluating the competitive capacity of its currentexport products, working to remove difficulties for key industrial exports. Inthe first nine months of the year, the export revenue of industrial productspicked up 7.1 percent year-on-year to hit 17.47 billion USD. –VNA
VNA
