HCMC’s industrial production rises 7.26 percent

SGGP
According to the Department of Industry and Trade of Ho Chi Minh City, industrial production index of the city in the first nine months of this year still managed to achieve a fairly good growth of 7.26 percent over the same period last year.

HCMC’s industrial production rises 7.26 percent

Of which four key industrial industries were estimated to rise by 6.1 percent, compared to an increase of 8.39 percent in the same period last year.

Economic experts said that although industrial production of the city still posted growth, growth rate was not as high as that in the same period last year.

The fact that the exchange rate between the Vietnamese dong and the US dollar was stable whereas the Chinese renminbi devaluated against the US dollar has caused Vietnamese products to lose competitive edge in export. Meanwhile, in domestic market, production has to compete fiercely with products imported from China.

In addition, the African swine fever has affected consumers’ sentiment, weakening consumption of pork and products made from pork, causing inventory index to show signs of increase. This situation has influenced the overall production activities, so industrial production index was not as high as expected.

By Ai Van – Translated by Thuy Doan

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