HCM City industry firmly on recovery path

HCM City industry firmly on recovery path

HCM City's Index of Industrial Production grew by 2.1 per cent in February and 26.5 per cent from the same month last year, indicating manufacturing is recovering strongly.

HCM City's industrial production is making a robust recovery with its Index of Industrial Production growing by 2.1 per cent in February. — VNA/VNS Photo

The index is calculated by comparing current production with a chosen base year.

According to the HCM City Statistics Office, the consumption index for the processing and manufacturing sector increased by 11.7 per cent year-on-year.

There are 16 processing and manufacturing industries seeing an increase in the index, while seven declined. 

Some industries saw inventories fall, with the auto, wood processing and other transport manufacturing sectors reporting declines of 48 per cent, 41.1 per cent and 30.2 per cent.

General Director of Tetra Pak Vietnam Nguyễn Thanh Giang said citing Euromonitor data that the F&B sector would see a compound annual growth rate (CAGR) of 10.25 per cent until 2027 to reach VNĐ872.916 trillion in value.

F&B growth demands rapid packaging expansion, requiring local businesses to address production costs, materials and resource limits.

DenEast Vietnam CEO Johan Boden stated that innovation and sustainability are not just business goals, but also align with Việt Nam's development strategy, and businesses need to embrace them to stay competitive.

Deputy Director of the city's Department of Industry and Trade Nguyễn Nguyên Phương said local industry is restructuring with a focus on technology and digital transformation.

The department has various programmes to support business and product growth, connecting demand and supply in key sectors and supporting industries.

It also helps businesses explore export markets and overseas partners through events such as Vietnam's Outstanding Export Products Fair, Sourcing Fair of Supporting Industry and others. 

Bizhub