Industrial production in HCMC showing signs of recovery

Industrial production in Ho Chi Minh City has shown signs of recovery in January and February, with the Index of Industrial Production (IIP) rising 4.3 per cent year-on-year after posting declines in the same period of the last two years, according to the city’s Statistics Office.

Mechanical engineering rose 6.7 per cent year-on-year, pharmaceutical chemicals 12.6 per cent, food processing 6.4 per cent, and electronics and information technology 6.3 per cent.

Other sectors to record growth included metals, by 24.3 per cent, rubber and plastic products 14.6 per cent, chemicals and chemical products 14 per cent, garments 6 per cent, textiles 5.1 per cent, and leather shoes 4.9 per cent.

The Statistics Office said that apart from these positive signs, the local business community also reported they had received orders this year.

Trade activities also posted stable growth, with the total retail sales of consumer goods and services rising 7.9 per cent year-on-year.