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Industrial production continues positive growth pace

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The country’s index of industrial production (IIP) is continuing its positive growth pace in July with an increase of 0.7% over June and 11.2% compared to the same period last year, according to the General Statistics Office (GSO).

The GSO said the IIP in the first seven months of this year soared 8.5% year-on-year. The index saw a yearly decline of one% in last year’s corresponding period.

The manufacturing and processing sector increased by 9.5%. Electricity production and distribution was up by 12.4% and water supply, waste and wastewater management and treatment activities up by 7.2%. The mining sector dropped by 6.2%.

Sectors that recorded a significant IIP rise were rubber and plastic, up 29%, furniture (21.5%), chemical and chemical products (17%), metal production (13%) and electronic products, computers and optical products (11.1%).

Those which posted a decline in IIP were crude oil and natural gas exploitation, down 12.4%; repair, maintenance and installation of machinery and equipment (3%); and coal mining (1.3%).

Some industrial products showed a rise in IIP from January to July, including steel bars and angle steel (31%), rolled steel (17.8%), NPK fertiliser (14%), powdered milk (12.3%) and phone components (12%).

By contrast, the IIP of several goods decreased compared to the same period last year such as natural gas and liquefied petroleum gas (16.9%), crude oil (7.1%), beer (3.8%) and mobile phones (3%).

According to the GSO, the IIP surged in 66 localities such as Lai Chau (43%), Phu Tho (39%), Bac Giang (28%), Binh Phuoc (17%) and Thanh Hoa (15%).

Meanwhile, the index dropped in three localities including Quang Ngai (4.3%), Ha Tinh (2.1%) and Gia Lai (2%) during the reviewed period.

The GSO also said that the number of workers in industrial enterprises as of July 1, 2024, increased one% month-on-month and 3.3% year-on-year.

During a conference in Hanoi on July 29, Pham Tuan Anh, deputy director of the Department of Industry under the Ministry of Industry and Trade (MoIT) said the department has focused on assisting enterprises that operate in processing and manufacturing and supporting industries with applying and transferring technology and fostering work force training.

Anh said the department has also helped these firms connect with multinational assembly corporations and large suppliers in the world to find product outlets to participate in the supply chain of FDI enterprises.

Despite these positive figures seen in the first seven months, Vietnam’s industry still faces many challenges in the short and long term, according to the MoIT’s Department of Industry.

The internal strength of domestic manufacturing industries is still weak and major industrial bottlenecks in the past years have not been effectively overcome. Industrial production still depends largely on external factors, especially on the FDI sector.

The added value of domestic industries is still low, while supporting industries are underdeveloped, leading to the lack of many domestic hi-tech industrial products.

On the other hand, industrial production has not recovered comprehensively. Some key manufacturing industries, such as smartphones, televisions, cars and crude iron and steel, have declined compared to the same period in 2023.

Meanwhile, some key export products, like footwear, wood, phones and components, recovered but have not yet returned to their peak of 2022.

The situation in the world and region will continue to be complicated and volatile in the last six months of 2024, the department said.

Geo-political tensions and competition with major countries are expected to increase. While the recovery of major trading partners is still slow, there is still a risk of disruption to the global supply and production chains.

The MoIT said it will promote the operation of new industrial production projects, creating more motivation for production development and goods for export.

The ministry said it will continue to effectively implement supportive policies for enterprises approved by the Government to remove difficulties and obstacles in production and business activities, especially in major industries such as textiles, garments, footwear, automobiles, mechanical engineering and steel.

The ministry will also focus on perfecting institutions, policies, laws and development strategies for several foundation industries, which will motivate the development of other industries over the short and long term.

In addition, it continues to effectively implement cooperation programmes with localities to restore and promote the growth of the industrial sector in localities and key economic regions.

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Hung Yen’s industrial production index up over 10%

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Hung Yen Province’s index of industrial production in the first nine months of 2024 rose by 10.59% over the same period last year, according to the provincial statistics office.

Specifically, the manufacturing sector grew by 10.10%, electricity generation and distribution increased by 11.96%, while water supply and waste treatment surged by 26.46%.

Strong output growth was seen in several industries, such as clothes, iron and steel, multifunctional engines, washing machines, air conditioners, motorbikes and bicycles.

Hung Yen is home to 584 foreign-invested projects with over 7.6 billion USD in pledges.

Major foreign investors are Japan (3.8 billion USD in 176 projects), China (1.2 billion USD in 155 projects), and the Republic of Korea (928 million USD in 155 projects).

Budget revenue in Hung Yen Province was estimated at over 30 trillion VND (1.2 billion USD) in the first three quarters, up 26.78% year on year and equivalent to 93.16% of the full-year target.

Domestic revenue was estimated at 27 trillion VND, while revenue from export and import activities was 3.28 trillion VND.

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Central Vietnam province Quang Nam welcomes $562 mln investment initiatives

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Vietnamese and foreign businesses on Wednesday signed agreements to explore investment opportunities totaling VND14.3 trillion ($561.9 million) in the central province of Quang Nam.

Quang Nam leaders hand over investment registration certificates for six projects in the province, central Vietnam. Photo by The Investor/Thanh Van.

Quang Nam leaders hand over investment registration certificates for six projects in the province, central Vietnam. Photo by The Investor/Thanh Van.

At a conference on the 2021-2030 provincial Master Plan, with a vision until 2050, local leaders awarded investment registration certificates for six projects, with a total investment of more than VND1.07 trillion ($42 million).

Among these are two South Korean projects, including the VND146.4 billion ($5.7 million) Wiring Harness automotive parts assembly factory invested by Kyungrim Tech and the VND168 billion ($7.3 million) packaging industry support factory by Oriental Commerce Vina Co., Ltd.

Another project, an R&D center for Thaco Auto, has a total investment of over VND296 billion ($11.61 million), while China’s Standard Track Co., Ltd. will spend VND58 billion ($2.3 million) on a household goods production factory project.

Hong Kong-based Portillo Estudio Ltd. will construct a ready-built warehouse costing VND216 billion ($8.5 million).

Tucai SA from Spain received an investment registration certificate to manufacture flexible connectors with an investment of over VND187 billion ($7.3 million).

In addition, Quang Nam also signed memoranda of understanding on investment cooperation for four initiatives.

Thaco will spend over VND7.2 trillion ($282.4 million) researching the construction of a Cua Lo channel route to accommodate 50,000-ton ships, a road linking the Viet-Han Industrial Park to Vo Chi Cong street, the Tam Hoa bonded zone, and the Tam Hoa-Tam Tien urban area.

Capella Quang Nam JSC will inject over VND600 billion ($23.5 million) into the infrastructure of the expanded Tam Thang 2 IP.

Meanwhile, Viet Phuong Group will study investing in the infrastructure of Bac Thang Binh 1 and Bac Thang Binh 2 industrial parks, with total capital of more than VND6.5 trillion ($255 million), and Hoi An South Development Ltd will invest more than $1 billion in phase 2 of Hoiana Resort & Golf.

In addition, Capela Quang Nam JSC, the investor in the Tam Thang 2 Industrial Park, signed an agreement to lease infrastructure and land.

Tinfulong Material Singapore PET.LTD signed an MoU to invest in a high-tech polyester fiber raw material factory that is environmentally friendly, while Que Nam Medicinal Herb Pharmaceutical JSC signed a deal to develop a pharmaceutical factory using herbal extraction methods.

Chairman of the provincial People’s Committee Le Van Dung stated that by 2030, the province aims to become one of the quite developed localities in the country, with a modern, integrated infrastructure network. It will develop an airport, seaports, logistics services, tourism, automotive manufacturing, mechanical industries, and regional-level energy production.

The province also seeks to establish a supporting industry center, develop deep-processing agricultural and forestry products, medicinal herbs, and silica industries on a national scale; and to create high-quality vocational training centers.

By 2050, Quang Nam targets becoming a centrally governed city with high human development indices and income levels, contributing significantly to the central budget.

At the conference, the province also announced a series of prioritized investment projects for the 2021-2030 period and beyond.

Among these are 40 projects in transportation infrastructure, 32 in economic infrastructure in industrial zones and clusters, and 53 in commercial and service infrastructure.

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Forum on developing green logistics in industrial transformation held

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The Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) coordinated with relevant units to organise the Green Business Forum with the theme “Sustainable logistics solutions in industrial transformation: From factories to industrial parks and seaports”, on September 24.

This is an important event to promote sustainable logistics solutions, accompanying the green and sustainable economic development strategy of Ho Chi Minh City.

At the forum, experts said that in the current context, preventing and responding to climate change and reducing greenhouse effects are becoming increasingly important and a common global responsibility.

Towards the goal of “zero net emissions”, Vietnam has shaped the trend of green economic development as an inevitable goal in the development process.

Cao Thi Phi Van, IPTC Deputy Director, said that ten days ago, Ho Chi Minh City issued the Green Growth Action Plan for 2024-2030 to implement the National Strategy on Green Growth towards sustainable development in Ho Chi Minh City for 2021-2030.

Accordingly, the City aims to promote a circular economy, reduce greenhouse gas emissions, respond to climate change and contribute to the goal of hunger eradication and poverty reduction, thereby creating momentum for sustainable economic growth.

At the forum, speakers focused on presenting and discussing topics on sustainable logistics and green industry development. Specifically, green finance, green growth orientation in the logistics sector, and industrial transformation practices for sustainable development in the future.

Also, at the forum, speakers proposed sustainable development solutions in the logistics industry, such as solutions related to autonomous energy and efficient means of transport, solutions from technology and integrated solutions in the logistics industry, and investors and green solution providers.

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