Credit package of US$3 billion isproposed to support businesses in HCMC
The Ho Chi Minh City Department of Industry and Trade said that in October, industrial production activity recovered quite well compared to the previous month, the index of industrial production (IIP) was estimated to increase by 23.6 percent over the previous month. However, industrial output has not yet returned to the level of the same period in 2020.
For instance, the IIP index is estimated to decrease by 43 percent compared to October 2020. Some sectors have a deep decline including food and beverage production and processing and the culprit was the Covid-19 epidemic. The prolonged development of the Covid-19 epidemic has interrupted supply chains of food and essential food items. Total accumulated retail sales in ten months have been estimated at VND 683,272 billion, down 20.7 percent over the same period.
The Department of Industry and Trade said that although multinational FDI enterprises are still experiencing difficulties because of disruption of imported raw materials as well as supporting industrial products due to the impact of the pandemic have sought domestic suppliers instead.
This is also a good opportunity for domestic supporting industry enterprises to deeply participate in the global supply chain and increase their competitiveness with foreign enterprises.
Through grasping the labor needs of trade associations, the Department of Industry and Trade said that it is coordinating with other related agencies to welcome migrant workers to the southern metropolis for work to maintain the production chain.
