Hanoi’s industrial production to recover soon: Insiders

Hanoi has been implementing measures to support enterprises to regain growth momentum in 2024, according to Acting Director of the city’s Department of Industry and Trade Tran Thi Phuong Lan.
Hanoi’s industrial production to recover soon: Insiders
Hanoi’s industrial production to recover soon: Workers at Garment 10 Joint Stock Company. (Photo: hanoimoi.vn)

Thanks to increasing global demand and support solutions by the Government, ministries, and agencies, the domestic industrial production in general and Hanoi city's in particular has gradually recovered, showing positive signals.

Moreover, Vietnam is expected to benefit from the multinational corporations’ shifting production from China to Vietnam. In late 2023, many major companies in the supporting industry announced their strategies to penetrate the Vietnamese market.

Last year, despite difficulties, Hanoi's industrial production returned to growth at a rate of about 3% compared to 2022, which was a notable result, the official said.

To keep the trend, Hanoi has made commitments and affirmed that it will continue to accompany businesses, Lan stressed.

The municipal People's Committee has issued a plan, under which it will that ensure all enterprises producing key industrial products can benefit from the city's support policies.

In addition, the city focuses on effectively and promptly implementing interest rate and credit policies to support businesses, people, and priority areas.

Vice Chairman and General Secretary of the Hanoi Association of Small and Medium Enterprises Mac Quoc Anh said that the National Assembly and the Government have had many solutions in place to accompany the business community.

However, administrative procedures still cause difficulties for people and businesses, he said, urging more administrative reforms.

Meanwhile, enterprises need to proactively approach the market and improve the organisational structure, human resources, management, and competitiveness, he said.

Vice Chairman of the Hanoi Supporting Industry Business Association Nguyen Van said that the association’s members are facing difficulties in capital and financial capacity. Therefore, capital, especially with low interest rates, is important for businesses to recover in 2024.

Although the businesses’ production and exports have recovered, they are unable to cover all their restructured debts. Especially, in supporting industries or mechanics, huge investments are required but much time is needed.

Van called on agencies to study and lower lending requirements so that enterprises can access loans more easily.

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(Source: VNA)