Photo for illustration. (Source: VNA)
Four key industrial sectors saw a 6.1% rise in IPI compared to the same period last year, including food and foodstuff processing and beverage up 0.7%; pharmaceutical chemistry 10.1%; electronics 22.5%; and mechanics 8.6%.
According to assessments of industry associations, besides the decline in agricultural exports, the stable VND/USD exchange rate and Chinese yuan (CNY) dropping over USD made Vietnamese products lose competitive advantages in exports. At the same time, domestic production must fiercely compete with goods imported from China.
In addition, African hog cholera affected the psychology of consumers, reducing consumption of pork and products processed from pork, leading to an increase in inventory index. The situation has impacted production activities, thus IPI had unexpected growth.
HCM city is preparing commodities for the Lunar New Year (Tet) 2020. Currently, together with focusing on exports, businesses are investing in developing domestic market share with products that can compete on the quality and design compared to goods imported from other countries in the region./.