Industrial sector verging on annual growth target

14:24 | 24/12/2017 Industry

(VEN) - Industrial production in the first 10 months of this year was 1.5 percentage points higher than in the same period last year.

industrial sector verging on annual growth target
The processing and manufacturing industry continues to grow

Maintaining growth

According to the Ministry of Industry and Trade, industrial production in the first 10 months of this year was 1.5 percentage points higher than in the same period last year. The processing and manufacturing industry continued to develop, growing 2.9 percentage points and playing an important role in promoting the industrial sector’s expansion.

The achievements were attributed to the Ministry of Industry and Trade’s efforts to facilitate the efficient and stable operation of industrial enterprises.

Restructuring direction

The efforts are focused on the restructuring of some corporations and groups in the fields of beverages, chemicals, electricity, coal, minerals, and oil and gas to create a fair business environment. This includes ensuring the interests of domestic steel, automobile, fertilizer and chemical manufacturers, and assisting industrial enterprises to apply modern quality management systems and advanced productivity improvement tools, promote the application of science and technology, improve production capacity, and supply high quality, competitive domestic products.

Bui Thuy Lan, Deputy Director of the Thien Ma Manufacturing, Trading and Industrial Equipment Import-Export Co., Ltd., said the company’s domestic sales and exports had increased sharply compared with last year. Thien Ma is expected to reach VND100 billion in domestic sales and about US$1 million in export value in 2017, Lan said. The company has received a number of orders for 2018, and its business prospects are relatively optimistic, she added.

Nguyen Xuan Duong, Chairman of the Board at the Hung Yen Garment Corporation said: the company’s orders are relatively stable, and Hung Yen often has to increase the number of work shifts to ensure on-time delivery. So far this year, the company has accomplished its 2017 export production target worth about US$300 million.

Industrial production grew 19.5 percent in October alone compared to October 2016, resulting in an 8.7 percent index of industrial production (IIP) in the first 10 months of 2017. The Ministry of Industry and Trade set an industrial production value growth target of 8.35-8.5 percent for 2017, including a growth target of 12-12.5 percent for the manufacturing-processing industry.

Bui Viet