HCM City’s industrial production index up 3.4 percent in November
The November index of industrial production (IIP) in Ho Chi Minh City picked up 3.4 percent compared to the previous months, but the index for the January-November period fell 4.4 percent year on year.
HCM City (VNA) – The November index of industrial production (IIP) in Ho Chi Minh City pickedup 3.4 percent compared to the previous months, but the index for theJanuary-November period fell 4.4 percent year on year.
According to the municipal Department of Industry and Trade, the 11-month IIPof the four key industries of manufacturing, electronics,chemicals-rubber-plastic and food processing posted a year-on-year increase of0.4 percent.
Notably, significant hikes were seen in the electronics and chemicals industrieswith 19.8 percent and 5.2 percent, respectively.
The consumption index of processing and manufacturing industries in the last 11months was down 2.3 percent compared to the same period in 2019, the departmentsaid.
Vice Director of the Department Nguyen Phuong Dong said local enterprises stillfaces difficulties when major trading partners have not opened their doors dueto the COVID-19.
Meanwhile, the municipal Department of Statistics reported that in the first 11months, the city’s export-import turnover increased by 1.1 percentyear-on-year.
Foreign-invested area is considered the key contributor to the city’sexport-import growth, with its export and import turnovers surging by 10.7percent and 7.6 percent, respectively.
China remained the largest market for HCM City enterprises, buying over 9.7billion USD worth of goods from the city in the period, up 28.1 percent./.
The Index of Industrial Production (IIP) for HCM City in May rose 7.9 percent against April but was down 15.5 percent year-on-year, according to the city’s Department of Industry and Trade.
Manufacturing sector returned to growth in September as concerns around the outbreak of the COVID-19 pandemic in the country eased. Both output and new orders increased, while business confidence strengthened, and the rate of job cuts softened.
Businesses in HCM City are in need of specific and long-term solutions, given that its index of industrial production (IIP) fell 4.9 percent in the first nine months of this year, according to insiders.
The index of industrial production (IIP) in October increased 3.6 percent from the previous month and 5.4 percent against the same period last year, reported the Ministry of Industry and Trade.
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Illustrative image (Photo: VNA) 
