HCM City’s industrial production grows 8.15% this year

Ho Chi Minh City has sustained expansion in industrial activities in 2018, thus recording an estimated 8.15% rise in the Index of Industrial Production (IIP) from last year.

hcm city’s industrial production grows 8.15% this year hinh 0

The municipal Department of Industry and Trade released the figure at a meeting on December 27, noting that the IIP growth rate met the target of 8 – 8.5% set for this year.

It said the city aims at an IIP pace of 8 – 8.2% for 2019, with the figure in the four key industries (mechanics; food processing; chemicals, plastics and rubber; and electronics and information technology) targeted at 8.2 – 8.4%.

Meanwhile, goods retail sales and services revenue surpassed VND1.04 quadrillion (US$44.72 billion) this year, up 13.2% from the previous year.

HCM City looks to raise this figure by 12% in 2019, helping to boost the total goods retail sales and services revenue to nearly VND1.12 quadrillion by 2020.

To that end, the Industry and Trade Department will work more closely with local business associations and relevant agencies to build cooperation plans for 2019 and 2020. It will advise authorities about support policies for key industrial products to serve as the driving force for the whole industrial sector. 

Notably, the department will focus on solutions relating to space for business and production activities, capital access, science-technology, manpower training, trade promotion and brand building, said Director of the department Pham Thanh Kien.

Regarding the wholesale and retail sale market development, the department will push on with the supply-demand connection programme between HCM City and other localities. More optimal conditions will be created for local enterprises to expand production and distribution activities.

The programme to ensure stable prices and supply-demand balance will also continue, while businesses will be encouraged to improve product quality, Kien said.


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