HCMC sees four key industries weakening HCMC saw a year-on-year drop in the January growth in its four key sectors of mechanical engineering, electronics, chemicals-rubber-plastics and food and foodstuff processing. Speaking at a meeting to discuss HCMC’s socioeconomic performance on February 18, Le Thi Huynh Mai, director of the municipal Department of Planning and Investment, noted that the city’s index of industrial production (IIP) in January had dipped by 4%, while its IIP in January last year had expanded by 5.1% year-on-year. Among the city’s four key industries, the electronics sector posted year-on-year growth of 2.8% in January, lower than the growth rate of 17.7% seen in January 2019, while the chemicals-rubber-plastics sector inched down by 0.99% year-on-year. The first month of the year also saw the mechanical engineering and food and foodstuff processing sectors dip by 7.4% and 2.8%, respectively, against the year-ago period. Pham Thanh Kien, director of the HCMC Department of Industry and Trade, attributed the downward pressure on the four key industries to the long Tet holiday, which fell in late January. Therefore, there were only 18 days in January for production activities. As firms active in the mechanical engineering, rubber and plastics and food and… Read full this story
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