Ho Chi Minh City’s Index of Industrial Production (IIP) in the first nine months of this year increased by 3.2% year-on-year, regaining its attractiveness to foreign investors, suppliers and clients.
Earlier, the seven-month and eight-month figures stood at 2.2% and 2.6%, respectively, which demonstrated that industrial production in the country’s southern biggest economic hub has overcome the downturn period. In September alone, the index went up 2.9% month-on-month, and 8.1% year-on-year.
According a survey conducted by HCM City’s competent agencies among local processing and manufacturing enterprises, 31.8% said their production and business got better in the third quarter as compared with the previous three months, 35.4% said their operations remained stable and 32.8% said they faced more severe obstacles.
Notably, State-owned enterprises were the most optimistic, with up to 89.7% saying their operations got better or remained stable, as compared with 65.3% and 65.2% in foreign-invested and non-state businesses.
For the fourth quarter, 35.8% of the respondents hoped for better performance, 36.8% expected stability in production and business, and 27.3% forecast more difficulties. Up to 76.9% of State firms showed optimistic views, while that among foreign-invested and non-State enterprises was 73.3% and 70.3%, respectively.
Over the past time, a range of fairs and exhibitions in HCM City showcasing machinery, equipment and materials in service of industrial production have attracted the participation of businesses from many countries and territories.
Vietnam is stepping efforts to achieve its target of net zero carbon emissions by 2050, which would create favourable conditions for investors and suppliers to engage in industrial production in Vietnam in general and HCM City in particular.
