HCM City (VNA)ꦦ – Ho Chi Minh City’s Index of Industrial Production(IIP) in January reduced by 21.4% compared to the previous month, according tothe city’s Department of Industry and Trade.

This year’s week-long Lunar New Year (Tet) Festival that falls in January was blamed for the decreased production as the production time in the month was less than the previousmonth’s. Some industriesin the city also saw lower production indexes, for example, the processingand manufacturing industry down 22%, electricity generation and distributiondown 12.8%, water supply and waste treatment down 8.4%. Besides, all30/30 secondary industries decreased compared to the previous month and 15 outof the 30 industries dropped by over 20%. To meet people’sdemand in the city in January 2023, especially during the Tet celebrations, thecity's industry and trade sector coordinated with the business community toensure the production, distribution, retail and supply of essential goods tothe market. Manufacturersand enterprises were required to stabilise prices and prepare raw materials,increase production, arrange warehouse systems, and meet market demand. However,compared to the same period last year, the city’s IIP in January 2023 alsodecreased by 15%. Of the 30 secondary industries, only four industries sawgrowth, including drink production, coke production, refined petroleumproducts, rubber/plastic products, and the exploitation, treatment and supplyof water. Nguyen NguyenPhuong, Deputy Director of the municipal Department of Industry and Trade, said that since 2022, the city’s industrial production has been restored inmost industries thanks to the business community's efforts to expand productionand business to offset the disruption period affected by the COVID-19 pandemic. The departmentis implementing a programme to improve qualifications, management capacity,productivity, and product quality management for enterprises in supportingindustries. It alsosupported enterprises to supplement resources and improve competitiveness, hesaid, adding that solutions to stimulate investment in supporting industries inthis period are also essential. The municipalPeople’s Committee also passed a plan to carry out the supportingindustry development programme between 2022-2023 with assistance insupply-consumption connection, production management, and human resourcestraining./.