Vietnam is becoming more well-known for its supporting and manufacturing industries, especially as the world needs to diversify supply chains due to the impact of the COVID-19 pandemic.
Vietnam’s index of industrial production (IIP) saw a year-on-year increase of 8.8% over the past eight months, extending the recovery of the sector, the General Statistics Office (GSO) has reported.
Hanoi is working to boost industrial production, raise production efficiency and capacity of businesses in industrial parks and clusters, and lure big projects to this field, Chairman of the People’s Committee Tran Sy Thanh has said.
More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency.
Processing and manufacturing enterprises have forecast better performance in Quarter 2 despite global headwinds posed by conflicts and high production costs, according to a survey by the General Statistics Office of Vietnam.
Over 15.29 billion USD was channelled into 2,608 new foreign direct investment (FDI) projects as of October 20, respectively up 54% and 66.1% year on year, statistics showed.
Hanoi’s Industrial Production Index (IIP) in September rose by 0.7% from the previous month and 3.5% year-on-year, the Hanoi Statistical Office reported.
The index of industrial production (IIP) in April was estimated to increase by 3.6% month on month and by 0.5% over the same period last year, according to the General Statistics Office (GSO).
Policies are needed to boost the number of domestic enterprises participating in the supply chain of multinational companies, and a boost is necessary in the localisation rate of the processing and manufacturing industry, which now remain modest, insiders said.
The processing and manufacturing sector is attractive to foreign investment, but domestic supporting industries still need favourable mechanisms to develop, heard a workshop in Ho Chi Minh City on March 9.
Products of the processing and manufacturing industry of Vietnam now have great chances to enjoy stronger export to the UAE, which has high demand for imports.
Hanoi recorded year-on-year growth of 8.89% in gross regional domestic product (GRDP) in 2022, higher than the target of 7 - 7.5%, according to the municipal Statistics Office.
The index of industrial production in the first 11 months of 2022 is estimated to increase by over 8% year-on-year, doubling the 4% of the same period last year.
Ho Chi Minh City licensed 807 foreign invested projects worth 3.54 billion USD in the first 11 months of this year, up 3.3% in value from a year earlier, according to the General Statistics Office.
Foreign capital inflows fell whereas disbursed capital rose in the first 10 months of 2022, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Vietnam’s outbound investment, including both newly-registered and adjusted capital, exceeded 450 million USD in the first 10 months of this year, equivalent to nearly 70% of the figure recorded in the same period last year.
The index of industrial production (IIP) in the first eight months of 2022 surged 9.4% over the same period last year, according to the General Statistics Office (GSO).
Vietnamese enterprises currently have limited participation in the global supply chain, and are not deeply involved in the value chain of multinational corporations in Vietnam.
Up to 85% of firms have an optimistic outlook for the business environment in Q4, whereas 15% are pessimistic about the future, according to a survey conducted by the General Statistics Office (GSO).
