Industrial production to improve in last months of 2023, but hurdles remain: GSO
With the drastic direction of the Government, ministries, sectors and localities, industrial production in the last months of 2023 will improve, according to the General Statistics Office (GSO).
Industrial production forecast to improve in last months of 2023 (Photo: VNA)
Hanoi (VNA) - With the drastic direction of the Government,ministries, sectors and localities, industrial production in the last months of2023 will improve, according to the General Statistics Office (GSO).
However, hurdles remain and the sector would not be able to regain a highgrowth rate in the short term, the office assessed.
According to the GSO’s quarterly production and businesstrend investigation report, 76.3% of enterprises operating in processingand manufacturing forecast their production and business activities in thefourth quarter will be more positive or remain stable compared to the thirdquarter (39.1% better, 37.2% stable), and the remaining think their operations will be more difficult.
Phi Thi Huong Nga, Director of the Department of Industrialand Construction Statistics under the GSO, said that in the third quarter, lowdomestic market demand and high competitiveness of domestic products are stillthe factors that most affect the production and business activities ofenterprises.
In addition, Vietnam's major export partners such as the USand the EU have reduced spending on both common and luxury products, resultingin decreases in the number of orders.
Phu Ha industrial park in Phu Tho province (Photo: VNA)
According to the Ministry of Industry and Trade, reputable internationalorganisations maintain their positive forecasts on Vietnam’s economic outlookin 2023 and the coming time.
The implementation of policies to help solve difficultiesfor enterprises, and the State Bank of Vietnam’s moves to loosen monetarypolicy and reduce interest rates are expected to boost business and productionin the coming time.
Representatives of processing and manufacturing enterprises haveshown their hope to have electricity, water, and fuel prices stabilised tolimit the increase in production costs; while recommending the Governmentstimulate demand in the domestic market to support them in finding partners tosell their products more effectively./.
As many as 116,300 enterprises registered for establishment, up 3.1% year on year, with combined registered capital of 1,086.8 trillion VND, down 14.6% year on year, in the first nine months of 2023, the General Statistics Office (GSO) reported on September 29.
Ho Chi Minh City’s Index of Industrial Production (IIP) in the first nine months of this year increased by 3.2% year-on-year, regaining its attractiveness to foreign investors, suppliers and clients.
Hanoi’s Industrial Production Index (IIP) in September rose by 0.7% from the previous month and 3.5% year-on-year, the Hanoi Statistical Office reported.
Vietnam is considered an attractive destination for multinationals amidst the wave of industrial production shift, enterprises have said while attending Vietnam’s International Exhibition on Machine Tools & Metalworking Solutions for Production Upgrade (METALEX Vietnam 2023) in Ho Chi Minh City.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.
With rising protectionist policies for the steel industry, and the US imposing tariffs on steel exports, the sector has entered a challenging period. In response, many industry giants are returning to the domestic market.
As the most significant and high-profile event in the global logistics industry, FIATA World Congress 2025 is expected to gather over 1,200 delegates from more than 150 countries.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.
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As Vietnam moves forward, ESG, innovation and digital transformation will change the way businesses grow and how they are evaluated. This journey can’t rely on policy alone. It needs strong leadership, the right technology and, most importantly, skilled people who are ready to build a greener, more competitive economy.
Industrial production forecast to improve in last months of 2023 (Photo: VNA) 
Phu Ha industrial park in Phu Tho province (Photo: VNA) 
