Industrial production regains momentum in HCMC

Ho Chi Minh City’s industrial production index (IPI) in March rebounded 32.9 percent over February and 12.4 percent over the same period last year after two months of production output decreased due to Tet holidays, said the city Department of Industry and Trade on Tuesday.

A paper production plant in HCMC (Photo: SGGP)

The index is estimated to reach a year on year increase of 5.6 percent in the first quarter this year.

In March, industrial production value highly hiked in Thu Duc District with 24 percent, District 10 with 10.5 percent, District 2 with 9.8 percent, and District 7 with 8 percent compared to the same period last year.

The department said that despite up IPI, the growth rate was still lower than the city’s potential of industrial production because of difficulties in the market and macroeconomic conditions.

Most small and medium companies have reported difficulties in consumption markets resulting in low credit growth although interest rates have been reduced.

By Lac Phong – Translated by Hai Mien

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