HCM City’s industrial growth predicted to rise 8-8.5 percent
Industrial production of Ho Chi Minh City is forecast to see stable growth in 2018, with the index of industrial production index (IIP) to expand by 8-8.5 percent year-on-year.
HCM City (VNA) – Industrial production of HoChi Minh City is forecast to see stable growth in 2018, with the index of industrialproduction index (IIP) to expand by 8-8.5percent year-on-year.
According to the municipal Department of Industry and Trade, the city’s IIP in2017 increased by 7.9 percent compared to 2016.
The city’s four key industrial sectors saw anaverage growth of 15.5 percent, much higher than the overall rate. Inparticular, the IIP of the electronics-information technology industry expandedby 39.11 percent, and that of processing and manufacturing industry by over 8percent).
Meanwhile, the chemicals – plastic-rubber industry posted a growth of 3.4 percent after slow development in 2015and 2016.
DeputyDirector of the department Nguyen Phuong Dong attributed the good performanceto efforts made by local enterprises and the municipal authority’s policy topromote industrial development.
Decision No.15/2017/QD-UNBD issued by themunicipal People’s Committee in early 2017 on supporting businesses to developindustrial manufacturing and supporting industry has also contributed toboosting the city’s industrial development.
According to the department, there is a great potential to develop the mechanicalsector in the city, especially automobile industry.
However, industrial enterprises are also facing difficulties and challenges, especiallyin terms of competitiveness and markets.
The department said many measures will be implemented to support industrial enterprisesin their production and business activities in 2018, towards accelerating restructuringof the industrial sector in connection with renovating the growth model.
According to Le Nguyen Duy Oanh, Deputy Director of the HCM City Departmentof Industry and Trade's Centre of Supporting Industry Development, her agency will focus on assistingsupport industry enterprises in raising their supply capacity, expanding productionand connecting with more domestic and foreign partners, thus gradually joiningthe global supply chain.-VNA
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Illustrative image (Source: VNA) 
