The country’s index of industrial production (IIP) saw a year-on-year increase of 9.5 per cent in the first eight months of 2019, a report from the General Statistics Office (GSO) shows.
Vietnamese companies need to improve their production technologies and strengthen linkages with foreign companies to improve their competitiveness in both domestic and overseas markets, a seminar heard in Ho Chi Minh City on December 12.
Only 15% of around 8,000 manufacturing companies in HCM City are capable of joining global supply chains but authorities are trying to increase the number.
The Index of Industrial Production (IIP) of Ho Chi Minh City sustained its growth during the last eight months, gaining 0.24 percentage points month on month and predicted to rise 8.1% this year – higher than the 7.9% in 2017.
Ho Chi Minh City’s revenue from retail sales in the first half of this year is estimated at more than VND328.58 trillion (US$14.47 billion), accounting for 65.3% of the city’s total earnings from retail sales and services and up 12.9% from the same time last year.
The HCM City Department of Industry and Trade joined hands with the Ho Chi Minh City Export Processing and Industrial Zone Authority and the management board of the Saigon Hi-tech Park to connect support industry suppliers at a festival in Ho Chi Minh City on March 14.
Ho Chi Minh City’s total retail sales and services revenue are expected to hit nearly VND450 trillion (US$19.8 billion) in the first half of 2017, up 10.2% from the same period last year.
Ho Chi Minh City is seeking more solutions to complete a project on developing the support industry, which plays a key role in promoting the sustainable development of major industries, according to a report on the Government website chinhphu.vn.
Vietnam was one of the fastest growing economies in Asia in 2014, and manufacturing has been the key driver, much of which can be attributed to the electronic industry, according to a recent report by Singapore-based DBS Bank Ltd.