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HCMC’s industrial production grows, attracts investment

The Saigon Times

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HCMC – HCMC’s industrial production is regaining appeal among global investors, suppliers and buyers, according to trade agencies and business groups.

September was the third consecutive month in which the Index of Industrial Production (IIP) grew by over 2%.

Last month saw the IIP advancing by 2.9% month-on-month and 8.1% year-on-year. The consumption index for manufacturing also rose, up 1.6% from August and 9.5% from last year, indicating a gradual recovery pace for the city’s industrial sector.

The IIP in the first nine months of 2023 was up 3.2% compared to the same period last year, following a 2.2% rise in the first seven months and a 2.6% increase in the first eight.

Four key industrial sectors reported a 5.8% IIP increase over the past nine months. Out of 30 secondary industries, 22 showed growth.

A survey found that 31.8% of businesses in manufacturing reported improved operations, 35.4% reported stability, and 32.8% faced challenges. Among state-owned enterprises, 89.7% reported positive or stable conditions.

For fourth-quarter prospects, 35.8% of businesses expect improvement, 36.8% expect stability, and 27.3% foresee challenges. State-owned enterprises were most optimistic, with 76.9% expecting positive results in the final quarter.

Recent trade fairs in the city have drawn international participants, signaling growing investment interest.

Bui Hoang Yen, who is in charge of the Southern Task Force of the Vietnam Trade Promotion Agency at the Ministry of Industry and Trade, said a recent Taiwan-Vietnam Health Tech Business Matchmaking Event aimed to support businesses in the field of remote healthcare technology. The event was organized in collaboration with Taiwan’s Foreign Trade Bureau, CRIF D&B Vietnam-Taiwan, and the Taiwan Trade and Development Research Institute.

Fabio De Cillis, director of the Italian Chamber of Commerce Vietnam, said Italian businesses participated in the 15th International Exhibition on Woodworking Machinery (VietnamWood 2023) and the International Exhibition on Furniture Equipment (Furnitec 2023) in HCMC. The participation aims to help Vietnamese industrial production integrate into global technology trends.

To effectively tap into the Vietnamese market, businesses from various countries are introducing machinery and technology in diverse industrial sectors in the city.

Meanwhile, Vietnam is working towards achieving net-zero emissions by 2050, creating favorable conditions for investors and suppliers to participate in the country’s industrial transformation.

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