Industrial production picks up slightly

Illustration photo

The news was released on May 2 by the MIT at a regular videoconference to discuss ways to boost industrial production in economic hardship period. 

The drop in industrial output is attributed to difficulties in the domestic economy, rising production cost and declining consumption power, said the MoIT Deputy Minister, Nguyen Thanh Bien.

Processing industry suffered most heavily but still expanded 3.5% against the same period last year.

As production encountered numerous obstacles the amount of coal consumption decreased by 9% to only 13 million tons.

Especially, around 600 businesses in the Mekong Delta are struggling to find credit sources to buy peasants’ farm produce in the context of high interest rate of 17%.

According to Mr. Bien, the MoIT is focusing on resolving difficulties for businesses, especially in processing industries and export-oriented fields, expanding markets and keeping a close watch on the global market for appropriate responses.

Apart from the national trade promotion program, the MIT would continue to limit the import of unnecessary commodities./.

By Kim Loan