HCM City: Key industries’ growth slows down

Ho Chi Minh City posted a year-on-year rise of 7.1 percent in the index of industrial production (IIP) in the first eight months of this year, but key industries have shown signs of slowing growth.

hcm city: key industries’ growth slows down hinh 0
The index of industrial production in HCM City grew 7.1 percent year on year in the first eight months of 2019

According to the municipal Department of Industry and Trade, four key industries increased by 6.4 percent from the same period last year, 0.8 percentage point lower than the IIP. 

Among them, food and beverage processing expanded 0.4 percent, electronics 24.2 percent and mechanics 9.4 percent, while chemical-pharmaceutical production dropped 0.7 percent.

The department attributed the fast pace in electronics manufacturing to businesses’ use of modern technologies and stable consumption of products.

It said industrial production during the period was maintained at a moderate level. However, the city should review the growth momentum of key industries and step up breakthrough solutions to create better conditions for businesses to expand production.

Statistics also showed total retail sales of goods and consumer services revenue in HCM City surpassed 747.32 trillion VND (32.15 billion USD), up 11.8 percent year on year.

Meanwhile, local firms exported nearly 27.18 billion USD in the eight months, up 8.9 percent. The figure that excluded crude oil shipments stood at 25.62 billion USD, up 10 percent from a year earlier.

VNA