Vietnamese businesses and government authorities are actively addressing the challenges in the global economy to enhance industrial production at the onset of 2024.
Despite a 4.4% month-on-month decline in January, the General Statistics Office (GSO) reported an 18.3% year-on-year increase in the Index of Industrial Production (IIP). Particularly, the processing-manufacturing sector saw a notable expansion of 19.3% compared to the previous year, contributing significantly to the overall growth by 15.1 percentage points.
The GSO highlighted that January’s IIP registered year-on-year growth in 60 provinces and cities, with only three experiencing a decline. This rapid expansion in certain areas is attributed to significant increases in the processing-manufacturing sector and electricity production and distribution.
Notable growth in the processing-manufacturing sector was observed in:
🔺 Quang Ninh province (157.9%), 🔺 Bac Giang province (57.7%), 🔺 Nam Dinh province (56.9%), 🔺 Vinh Long province (51.2%), 🔺 Kien Giang province (47.7%), 🔺 Phu Tho province (39.4%), and 🔺 Ho Chi Minh City (26.9%).
In Ho Chi Minh City, local businesses have seen a surge in production and business activities since the beginning of the year. The municipal Statistics Office reported a 26.9% year-on-year increase in the local IIP for January.
Phi Thi Huong, Director of the GSO’s Industry and Construction Statistics Department, suggested that localities should implement demand stimulation and promotional programs to boost purchasing power, thereby expanding the domestic market for businesses facing export challenges. Additionally, organizing more business-matching events can help firms find partners and increase sales.
Meanwhile, Minister of Planning and Investment Nguyen Chi Dung announced plans to propose the establishment of preferential mechanisms and policies to further support the growth of large enterprises. Funding for this support will be sourced from the Investment Support Fund, global minimum tax collections, and other legal sources.
