Ha Noi sees sluggish industrial production growth in the first nine months

The capital experienced sluggish industrial production growth of 3.9 per cent this month in comparison with the previous month, according the city's Department of Industry and Trade.

In the first nine months of the year, the figure is estimated to have increased 12.7 per cent compared with the same period last year. Of this, State-owned enterprises saw growth of 7.5 per cent, the private sector was up 11.2 per cent, and foreign direct enterprises rose 16.4 per cent.

Trinh Thi Ngan, head of the Industrial Management Division under the department, said that inflation was blamed for a reduction in consumption by domestic consumers, which, in turn, impacted adversely on domestic investment motivation.

She also said that many producers were facing difficulties due to enormous stockpiles, costly input materials and high interest rates, while businesses were unable to access bank loans.

In September, Ha Noi's Index of Industry Products rose by 3.6 per cent compared with the same period last year.

In the first nine months of 2011, the index is estimated to surge 7.98 per cent.

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