Ho Chi Minh City’s industrial production index up 6.6% in August

The city’s IIP in the January-August period was up by 2.8% year on year.

The city saw positive developments in many socio-economic aspects in the first eight months of this year, with a 7.6% hike in total retail sales of consumer goods and services and cargo throughput via through seaports up by 3.8% year-on-year, Le Thi Huynh Mai, Director of the municipal

Department of Industry and Trade, said at an August 30 conference reviewing the city's socio-economic situation in the first eight months of 2023

In August alone, there were 25,523 new enterprises in the city, increasing by 11.3% over the last year’s corresponding period while export turnover rose by 7.3%.

Regarding its main activities in August, Mai said that the city continued to promote growth model transformation towards a green and circular economy as well as digital economy in piloting specific mechanisms and policies for the development of Ho Chi Minh City under Resolution No. 98/2023/QH15 of the National Assembly (NA).

It also promoted regional linkage activities and planning with a focus on developing surrounding areas and the Saigon River route as well as urban development, she said, adding that the successful organisation of the first Ho Chi Minh City river festival contributes to promoting the city as an urban area of rivers and rich culture.

Mai pointed out the challenges that the city is facing. The city’s export turnover in the first eight months of this year fell by 15.3% over the same period last year.

The number of newly-established enterprises increased but was down 12.4% in total registered capital while there were 22,387 businesses temporarily suspending operations, an increase of 28%. Notably, the disbursement of the city's public investment capital reached 19.1 billion VND, equivalent to 28% of the assigned plan, she said.

To deal with the above-mentioned issues, it is necessary for agencies to focus on speeding up the disbursement of public investment capital, carrying out policies to support exporters with inventory costs and enhancing consumer demand by extending the promotion month to three instead of one month, according to Mai.

Addressing the meeting, the Chairman of municipal People’s Committee Phan Van Mai requested departments and agencies to continue implementing the NA’s Resolution on piloting some specific mechanisms and policies for the development of Ho Chi Minh City.

It is necessary for the city to accelerate the progress of key traffic projects and remove obstacles to complete urban railway line No. 1 in line with the scheduled plan, he said.