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City’s industrial output hits $7.4bil
Industrial production in HCM City rose around 12.8 per cent over 2007, reaching nearly VND122 trillion (US$7.4 billion) in the first nine months of this year, according to the municipal People’s Committee’s website. Among economic sectors, foreign investors headed the growth rate at 19 per cent, recording about VND41.7 trillion ($2.5 billion) in value.
Growth in non-State enterprises was 11.2 per cent and State-owned companies was 9.8 per cent.
In manufacturing, beer production reflected the highest growth rate at 38.2 per cent, earning VND433 billion ($26 million).
The electronic sector ranked second with a 29.5 per cent growth rate, followed by construction materials and leather products, rising by 25.1 and 21.9 per cent respectively.
Clothing, foodstuff and beverages also registered good expansion, with rates at 15.8 and 12.7 per cent respectively.
HCM City’s industrial output is slated to reach more than VND170 trillion ($10.3 billion) by the end of this year, a year-on-year increase of 13 per cent.
According to statistics from the Ministry of Industry and Trade, industrial production of the whole country was valued at VND493 trillion (nearly $30 billion) in the first three quarters of the year, up 16 per cent from the same period last year.
In response to rising production output, local and international enterprises in HCM City boosted exports during the same period.
The city’s total export turnover approached $17.9 billion in the first three quarters of 2008, a year-on-year rise of 36.2 per cent, the website said.
It is estimated that the economic hub’s combined export revenue would hit $24.8 billion for the whole year, rising 35.4 per cent against the corresponding period last year.
VNN
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