HCM City targets 8-8.2 per cent growth for its industrial sector in 2019, according to its Department of Industry and Trade.

Its four key sectors -- food processing, chemical-rubber, mechanical engineering, and information technology – are expected to grow at marginally higher rates.

The city also targets 12 per cent growth in retail sales of goods and services and 11 per cent growth in exports.

Speaking at a meeting on Thursday to review the performance of the industrial and trading sector this year and set tasks for 2019, Pham Thanh Kien, the department’s director, said the sector had met all the targets set by the city government.

Industrial sector growth was estimated at 8.15 per cent while the four key sectors had grown at a likely 9.25 per cent.

Retail sales were worth VND1.045 quadrillion (US$45.08 billion), an increase of 13.2 per cent.

Exports had grown at 7.8 per cent to $38.32 billion.

Industrial growth had been robust with many new projects becoming operational.

The target was to restructure industry to increase the ratio of manufacturing and processing and reducing that of outsourcing and assembling.

The sector would focus on comprehensive industrial production to gradually create branded and competitive products for the regional and world markets.

To achieve the targets, his department would implement comprehensive measures with a focus on working closely with the HCM City Union of Business Associations, business groups and relevant agencies and departments to resolve difficulties faced by businesses.

Le Thanh Liem, deputy chairman of the city People’s Committee, said the city had set an economic growth target of 8.3-8.5 per cent, which would require the industrial and trade sector and others to make more efforts.

He suggested the sector should restructure to become more compact and efficient and must give top priority to nurturing and developing businesses, and creating a favourable environment for them to grow.

Typical products

Also at the meeting, the city Department of Industry and Trade announced a list of 56 industrial and supporting industries products from 36 enterprises that meet the criteria for being designated as “typical industrial products of 2018”.

They are high value-added, environmentally-friendly products with innovative designs meeting domestic and foreign market demands.

Of the 56, the engineering and electricity sector accounts for 21, followed by rubber-plastics and food processing with 12 each, garment and textile with six, footwear with four and electronics and information and technology with one.

According to Nguyen Phuong Dong, the department’s deputy director, publicising the list of products is aimed at honouring high-quality products for their contribution to the city’s industrial development and economic restructuring.

The selection of typical products has also encouraged enterprises to focus on innovation. — VNS