HCM City sustained its industrial expansion in 2018, recording an estimated 8.15 per cent rise in the Index of Industrial Production (IIP) from last year.

The municipal Department of Industry and Trade released the figure at a meeting on December 27, noting the IIP growth rate met the target of 8 to 8.5 per cent set for this year.

The city aims for an IIP pace of 8 to 8.2 per cent for 2019, with the four key industries (mechanics; food processing; chemicals, plastics and rubber; and electronics and information technology) targeting a rate of 8.2 to 8.4 per cent.

Meanwhile, goods retail sales and services revenue surpassed VND1.04 quadrillion (US$44.72 billion) this year, up 13.2 percent from the previous year. HCM City is looking to raise this figure by 12 per cent in 2019 and to boost the total goods retail sales and services revenue to nearly VND1.12 quadrillion by 2020.

To that end, the Industry and Trade Department will work more closely with local business associations and relevant agencies to build co-operation plans for 2019 and 2020. It will advise authorities about how to support key industrial products that drive growth.

The department will focus on solutions relating to space for business and production activities, capital access, science and technology, workforce training, trade promotion and brand building, according to department Director Pham Thanh Kien.

Regarding the development of the wholesale and retail markets, the department will push on with the supply-demand connection programmes between the city and other localities. Conditions will be improved for local enterprises to expand their production and distribution activities.

The programme to ensure stable prices and supply-demand balance will also continue, while businesses will be encouraged to improve product quality. — VNS