Hai Phong’s IIP soars at the highest rate ever

Tuesday, Sep 25, 2018 15:00

A plant in Dinh Vu Industrial Zone, Hai Phong. — VNA Photo

The northern port city of Hai Phong’s index of industrial production (IIP) increased 25.15 per cent over the first nine months of this year compared to the same period in 2017.

This was the highest increase since the index has been tracked and is higher than the city’s target, according to the municipal Department of Industry and Trade.

In September alone, industrial production in Hai Phong soared by 32.18 per cent over the same month last year.

Increases in industrial production mainly occurred in industries which apply high technologies such as telecommunications equipment (up by 212.4 per cent) and electronics (up by 56.21 per cent).

Prices of goods in the northern city were reported to rise by 4 per cent over the same period last year.

The import-export revenue reached more than US$6 billion, representing a rise of 25.82 per cent.

Hai Phong is one of the leading destinations for foreign direct investment in Viet Nam.

The city had been focusing on improving the infrastructure system and business climate to attract investments, especially in hi-tech projects such as plants of the RoK’s LG Corporation in Trang Due Industrial Zone, Japan’s Bridgestone’s plant in Dinh Vu Industrial Zone and Vinfast automobile plant of Vingroup.

In 2017, Hai Phong’s provincial competitive index (PCI) jumped 12 grades to rank ninth among 36 provinces and cities.

The northern port city aims to be among the top three provinces and cities on the PCI. — VNS

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