Vietnam's industrial production up 8.91% in H1; Ho Chi Minh City economy expands by 5.46%

A garment factory in HCM City. Despite being hit hard by the Covid-19 pandemic, HCM City’s economy grew by 5.46 per cent in the first half of the year. - Vietnam News/ANN

HANOI, July 2 (Vietnam News/ANN): Vietnam's national index of industrial production advanced 8.91 percent year on year in the first half of this year, according to the country's General Statistics Office on Friday.

The processing and manufacturing sector, the main driver of the surge, went up 11.42 percent, contributing 2.9 percentage points to the overall growth, said the office.

In the second quarter alone, the industrial production index rose 11.45 percent year on year, nearly two times higher than the growth in the first quarter.

Over the six months, the production of rolled steel witnessed the largest year-on-year output increase at 61.6 percent, followed by automobiles with 50 percent and phone accessories with 38.8 per cent.

Despite being hit hard by the Covid-19 pandemic, Ho chi Minh City’s economy grew by 5.46 per cent in the first half of the year, according to the city Statistics Office.

The outbreak has affected the growth of many industries, but smart growth by the services sector made up for the declines in others.

It grew by 5.86 per cent year-on-year, with the commercial sector growing at 6.01 per cent, transportation and warehousing at 5.73 per cent, and finance, banking and insurance at 8.22 per cent.

Industrial production grew at 4.16 per cent, double the rate in the same period last year and showing green shoots of recovery.

Construction growth shrank to 0.98 per cent from 1.17 per cent since many projects were interrupted and prices of materials increased.

Retail sales of consumer goods and services were estimated at VNĐ541.68 trillion (US$23.6 billion), up 7.3 per cent.

There were 18,441 newly registered enterprises with a total investment of nearly VNĐ311trillion (US$13.5 billion), year-on-year increases of 3.8 per cent and 39.2 per cent.

But FDI decreased by nearly 30 per cent to US$1.43 billion.

Public investment has been worth only 25 per cent of the planned amount at VNĐ9.09 trillion.

Exports by city enterprises (including crude oil) rose by 5.6 per cent to US$20.34 billion.

They included five items exceeding $1 billion each: computers, electronic products and components (US$7.7 billion), garment and textiles ($1.6 billion), machinery, equipment, tools, and parts (US$1.13 billion), and footwear (US$ 1.1 billion). - Vietnam News/ANN

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