HCM City’s industrial production expected to make breakthrough

Strong recovery of the domestic market and consumption demand and continuous growth of Ho Chi Minh City’s industrial production are assessed as positive signs allowing businesses to expect a breakthrough in the rest of 2022.
HCM City’s industrial production expected to make breakthrough
A business in Ho Chi Minh City. (Photo: VNA)

A survey on business trends in the fields of processing and manufacturing in the city shows that production and business activities in the second quarter of 2022 (Q2) compared to Q1 have improved, with 32% of enterprises saying their business was better, 39.1% steady, and 28.9% more difficult.

The forecast for the production and business situation in Q3 is more positive compared to that of Q2, with 38.3% of enterprises assessing better, 39.3% stable, and 22.4% more difficult.

According to the municipal Department of Industry and Trade, the city’s Index of Industrial Production (IIP) in June 2022 increased by 5.2% month-on-month and 11.5% year-on-year. The index in the first half of this year rose by 3.1% over the same period.

Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Alain Cany said that Vietnam’s green growth potential is attractive to European investors.

According to him, foreign investors’ confidence in the Vietnamese market remains stable during turbulent times, therefore the FDI poured into the country has been maintained.

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(Source: VNA)