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Thursday, May 23, 2024

Enterprises optimistic about Q2 business conditions

The Saigon Times

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HCMC— A majority of Vietnamese industrial firms are optimistic about their business prospects in the second quarter of this year despite ongoing global economic uncertainties, according to a recent report.

A survey by the General Statistics Office of Vietnam (GSO) showed that 82% of enterprises stated that their production and business activities in the second quarter may be better than in the first quarter.

Specifically, 45.4% anticipate improved operations, while 36.6% expect stability. Only 18% foresee higher challenges in quarter two compared to quarter one.

Regarding the electricity production and distribution sector, it is anticipated to adequately meet the needs of production, business, and consumption. Meanwhile, the water supply, and waste management and treatment sectors are forecasted to maintain positive growth.

However, industries reliant on mineral extraction are expected to continue declining in the second quarter due to the transition to clean energy.

Phi Thi Huong Nga, head of the Industrial and Construction Statistics Department at the GSO, highlighted several positive aspects of industrial production in quarter one. The first-quarter index of industrial production (IIP) increased by 5.7% compared to the same period last year. Three out of four primary industries, including processing and manufacturing; electricity production and distribution; water supply and waste treatment, expanded by 5.9%, 12.1%, and 4%, respectively.

Moreover, inventories in the processing and manufacturing industries are decreasing, as evidenced by higher consumption compared to production. The processing and manufacturing production index in the first quarter increased by 5.9%, while the consumption index rose by 8.2%.

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