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Friday, June 14, 2024

HCMC’s IIP surges by 26.9% y-o-y in January

The Saigon Times

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HCMC – The Index of Industrial Production (IIP) in HCMC has surged 26.9% year-on-year in January 2024, according to the city’s Statistics Office.

This growth is primarily fueled by the outstanding performance of the mining, manufacturing, and electricity industries. Mining recorded growth of a remarkable 33.9%, while manufacturing expanded by 27.2%.

The electricity sector grew by a sharp 31.1%. The water supply and waste treatment sector also saw growth, albeit at a more modest rate of 10.7%.

The substantial growth in four key industries contributed significantly to the overall IIP growth, with engineering leading the way at 43.1%, followed by chemicals and pharmaceuticals at 33.3%, food processing and manufacturing at 23.5%, and electronics at 7.4%.

In addition to industrial growth, retail sales of goods and services in January 2024 amounted to VND103.2 billion, up by 24.4% over the same period of the previous year.

The accommodation and catering services sector, along with the tourism industry, jointly generated VND13.2 trillion.

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