Vietnam’s growth prospects will depend on how well and how quickly the authorities will bring the new coronavirus outbreak under control and how quickly international and national vaccinations will proceed, according to the World Bank (WB).
January’s industrial production index in HCM City picked up 34.5% year-on-year as businesses stepped up operations in preparation for the approaching Tet (Lunar New Year) holiday.
Vietnamese investors poured a total of US$490.4 million in projects abroad in the first 11 months of 2020, up 6.9% year-on-year, according to the Ministry of Planning and Investment’s Foreign Investment Agency.
Vietnamese businesses operating in support industries have been developing in both quantity and quality in recent years, with improved production capacity and increasing engagement in global production chains.
Vietnam has worked to raise the number of local part suppliers in the global supply chains, aiming to have about 1,000 enterprises capable of supplying directly to assembly enterprises and multinational corporations by 2025.
HCM City’s industrial production index (IPI) from January to October declined 4.7% from the same period last year in the wake of COVID-19, according to the municipal Department of Industry and Trade.
The index of industrial production (IIP) in October increased 3.6% from the previous month and 5.4% against the same period last year, reported the Ministry of Industry and Trade.
The Sai Gon Hi-tech Park and industrial parks and economic zones in the southern provinces of Long An, Binh Duong, Dong Nai and Ba Ria-Vung Tau will work together to develop support industries under an agreement clinched on October 28.
Vietnam’s exports this year could grow by 3-4% despite the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT).
Hanoi has issued an implementation plan for a project to develop key industrial products in the 2021-2025 period, with an estimated cost of VND200 billion (US$8.63 million).