Ho Chi Minh City posted a year-on-year rise of 7.1 percent in the index of industrial production (IIP) in the first eight months of this year, but key industries have shown signs of slowing growth.
The index of industrial production in HCM City grew 7.1 percent year on year in the first eight months of 2019 (Photo: VNA)
HCM City (VNA) – Ho Chi Minh Cityposted a year-on-year rise of 7.1 percent in the index of industrial production(IIP) in the first eight months of this year, but key industries have shownsigns of slowing growth.
According to the municipal Department ofIndustry and Trade, four key industries increased by 6.4 percent from the sameperiod last year, 0.8 percentage point lower than the IIP.
Among them, food and beverage processingexpanded 0.4 percent, electronics 24.2 percent and mechanics 9.4 percent, whilechemical-pharmaceutical production dropped 0.7 percent.
The department attributed the fast pace inelectronics manufacturing to businesses’ use of modern technologies and stableconsumption of products.
It said industrial production during the periodwas maintained at a moderate level. However, the city should review the growthmomentum of key industries and step up breakthrough solutions to create betterconditions for businesses to expand production.
Statistics also showed total retail sales ofgoods and consumer services revenue in HCM City surpassed 747.32 trillion VND(32.15 billion USD), up 11.8 percent year on year.
Meanwhile, local firms exported nearly 27.18billion USD in the eight months, up 8.9 percent. The figure that excluded crudeoil shipments stood at 25.62 billion USD, up 10 percent from a yearearlier.-VNA
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The index of industrial production in HCM City grew 7.1 percent year on year in the first eight months of 2019 (Photo: VNA) 
