HCM City’s industrial production saw positive growth in the first quarter of the year despite the continuing difficulties caused by COVID-19 and recent challenges such as rising petrol prices and the Russia – Ukraine conflict.

The city’s production and business have not been affected much this year by the volatile prices caused by the rising petrol and gold prices.

Its index of industrial production for March rose by 5.5 per cent.

In the first quarter three of the city’s key industries in the index saw high growth: pharmaceutical chemistry (18.9 per cent); mechanical engineering (4 per cent); and food, foodstuffs and beverages (3.2 per cent).

Between the start of the year and March 13, nearly 8,500 new businesses were set up, a 34.5 per cent increase year-on-year.

The city has fully reopened and businesses are focusing on recovering from the pandemic and expanding.

Pham Minh Thong, chairman of agro exporter Phuc Sinh Group, said though the city’s economy and society have begun a “new normal”, businesses still face many problems such as lack of demand and the Russia - Ukraine conflict, which hinder exports and investment.

Vuu Le Quyen, general director of Binh Tien Imex Corp., PTE., LTD., said: “Businesses need to listen to new demands within their production chain and from consumers to build the right business strategies.”

Le Huynh Minh Tu, deputy director of the city Department of Industry and Trade, said his department plans to organise networking and experience-sharing events for domestic and foreign businesses to facilitate production and investment activities.

It would also focus on facilitating foreign trade so that Viet Nam could partake more in global value chains, he added.

Last week the department held a conference with foreign businesses’ representative offices in Viet Nam and government officials attending to discuss investment procedures and policies. — VNS