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HCMC’s industrial production has been trending upward between January and October. |
The municipal Department of Industry and Trade report indicates that a number of key industrial product groups experienced significant year-on-year growth in the period. They include plastic packaging materials with a 36.1 percent increase, mineral or chemical fertilizers 26.2 percent, condensed milk/cream with or without sugar 12.7 percent, and TVs 10.8 percent, among many others.
The ten-month industrial production index of the city's four key industrial sectors grew by 6.3 percent year on year.
In October alone, the consumption index of the local processing and manufacturing industry climbed by 2.3 percent compared to the previous month and by 19.9 percent against the same period last year, signaling its recovery in the remaining months of the year.
Meanwhile, the industrial labor index inched up 0.5 percent month-on-month and declined 3.2 percent year-on-year.
Experts have assessed that the southern economic hub possesses strengths in terms of good logistics infrastructure and regional and international transport connectivity. Additionally, it continues to take the lead regarding geographical advantages, local brand, and high-quality workforce.
However, the industrial business community in the city and their peers nationwide are facing challenges related to the increasing cost of production. Currently, labor costs, space rental costs, and land leasing fees at export-processing zones and industrial parks are issues that require direct solutions from the municipal authorities.
