HCM City aids manufacturing to remain on growth track

It will amend the development plans for industrial parks (IPs), build a new IP measuring over 360ha for hi-tech industries, change start-up programmes, and create new support policies.

According to its Statistics Bureau, HCM City has more than 50,000 businesses in the manufacturing sector or 13 per cent of all businesses in operation.

They include over 860 foreign businesses or 20.7 percent of the total.

The city-designated four major industrial sectors (mechanical engineering; chemicals – rubber – plastics; food processing, and electronics - IT industry) account for 9.86 percent of the city’s economy, and are growing at an average rate of 9.22 percent a year compared to the city’s economic growth of 8.32 percent.

In 2016 – 20 the Index of Industrial Production (IIP) the four major industrial sectors has grown at an estimated 8.56 per cent annually compared with the average annual city industrial production growth of 7.86 percent, Saigon Gỉai Phong newspaper reported.