Illustrative image (Photo: VNA) HCM City (VNA) – Theindex of industrial production (IIP) in Ho Chi Minh City went down 5.5 percentyear-on-year in seven months of this year due to COVID-19 pandemic, accordingto the municipal Department of Industry and Trade.
In July alone, the index roseby 8.6 percent month-on-month, including manufacturing and processing up 9percent, electricity production and distribution up 3.9 percent.
However, four key industries sawa 0.9 percent decrease in seven months but moved up more than 4.6 percentagepoint from the IIP, including electronics up 18.6 percent, and chemicals andpharmaceuticals up 7.3 percent.
According to localenterprises, domestic industrial production is facing pressure caused by imports.
Deputy Director of thedepartment Nguyen Phuong Dong highlighted a need to issue breakthroughsolutions and policies to support enterprises as a number of markets have yetto open their doors due to the pandemic.
Dong said local exports viaborder gates nationwide rose by 5.8 percent to 24.7 billion USD in sevenmonths. However, its shipments to European markets joining the European Union –Vietnam Free Trade Agreement only reached over 2.74 billion USD, down 7 percentyear-on-year.
China remains the city’slargest importer with a value of over 6 billion USD, up 44.7 percent annually,followed by the US and Japan.
The total retail of goods andservices surpassed 718.1 trillion VND, down 3.8 percent annually during theperiod, including accommodation and dining services down 45.1 percent andtravelling down 74.9 percent.
At the same time, inventoryin the manufacturing and processing sector also increased by 5.5 percentyear-on-year.
In the current context, experts suggested firms graspof opportunities from domestic and foreign markets by meeting technicalrequirements such as origin of products and intellectual property protection./.
In July alone, the index roseby 8.6 percent month-on-month, including manufacturing and processing up 9percent, electricity production and distribution up 3.9 percent.
However, four key industries sawa 0.9 percent decrease in seven months but moved up more than 4.6 percentagepoint from the IIP, including electronics up 18.6 percent, and chemicals andpharmaceuticals up 7.3 percent.
According to localenterprises, domestic industrial production is facing pressure caused by imports.
Deputy Director of thedepartment Nguyen Phuong Dong highlighted a need to issue breakthroughsolutions and policies to support enterprises as a number of markets have yetto open their doors due to the pandemic.
Dong said local exports viaborder gates nationwide rose by 5.8 percent to 24.7 billion USD in sevenmonths. However, its shipments to European markets joining the European Union –Vietnam Free Trade Agreement only reached over 2.74 billion USD, down 7 percentyear-on-year.
China remains the city’slargest importer with a value of over 6 billion USD, up 44.7 percent annually,followed by the US and Japan.
The total retail of goods andservices surpassed 718.1 trillion VND, down 3.8 percent annually during theperiod, including accommodation and dining services down 45.1 percent andtravelling down 74.9 percent.
At the same time, inventoryin the manufacturing and processing sector also increased by 5.5 percentyear-on-year.
In the current context, experts suggested firms graspof opportunities from domestic and foreign markets by meeting technicalrequirements such as origin of products and intellectual property protection./.
VNA
