Industrial production of HCM City shows strong growth in November

Ho Chi Minh City's Statistics Office has released a report on the city's socio-economic situation in November and the first eleven months of 2024, highlighting positive economic growth, particularly in the final months of the year.

The city's Industrial Production Index (IPI) in November continued its recovery and maintained positive growth, with an estimated increase of 9.7% year-on-year.

The cumulative IPI for the first eleven months of 2024 showed a 7.1% year-on-year increase. This includes growth in mining (43.2%), manufacturing (7.0%), electricity, gas, steam, and air conditioning supply (5.6%), and water supply, sewerage, waste management, and remediation activities (0.4%).

Three key industrial sectors recorded year-on-year increase in IPI for the eleven-month period, including pharmaceuticals (14.9%), food processing (2.9%), and electronics manufacturing (2.4% ), while mechanical engineering experienced a decrease of 3.8%.

The three traditional industrial sectors showed a year-on-year increase in IPI for the period, including garment manufacturing (3.2%), leather and related products manufacturing (1.4%), and textile manufacturing (0.4%).

Regarding the overall consumption index for the manufacturing industry, a year-on-year increase of 9.9% was recorded for the first 11 months.

Several sectors experienced significant growth, including wood processing and bamboo/rattan products (32.7%), rubber and plastic products (29.2%), electronic, computer, and optical product manufacturing (22.8%), furniture manufacturing (19.4%), chemical and chemical product manufacturing (13.6%), and other non-metallic mineral product manufacturing (13.3%).