This is as per reports, which maintained, according to the General Statistics Office (GSO), January’s Index of Industrial Production (IIP) witnessed a 4.4 per cent month-on-month decline but soared by 18.3 per cent year-on-year, notably propelled by a 19.3 per cent expansion in the processing-manufacturing sector, contributing 15.1 percentage points to overall growth.

Remarkably, 60 provinces and cities reported year-on-year increases in the IIP, with notable spikes in Quang Ninh, Bac Giang, Nam Dinh, Vinh Long, Kien Giang, Phu Tho, and HCM City.

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Despite the global economic challenges, Vietnam’s IIP continued to improve, driven by producer efforts to secure new orders and prepare for the Lunar New Year demand.

In HCM City, local firms witnessed a vibrant start to the year, with a 26.9 per cent year-on-year IIP increase in January.

Meanwhile, Truong Thanh Hoài, director of the Industry Agency, committed to implementing government enterprise support policies, particularly in key export sectors and foundation industries.

Vinh Phúc aims for industrial growth through a modernised approach focusing on human resources, productivity, infrastructure, and regulations.

Phi Thi Huong from GSO suggests stimulating demand and organising promotional programmes to boost market expansion amidst export challenges. Even as minister of planning and investment Nguyen Chi Dung proposed preferential mechanisms for large enterprises’ growth, leveraging resources from various sources including the Investment Support Fund and global minimum tax collections.

Fibre2Fashion News Desk (DR)