Hanoi’s industrial production shows promising growth

Bicycle production at Thong Nhat corporation (Photo: VNA).

The capital city of Hanoi has seen thriving industrial production, especially in the processing and manufacturing sector, with local businesses working to seize opportunities to accelerate growth toward the year end.

Nguyen Dinh Thang, Deputy Director of the municipal Department of Industry and Trade, reported that in the first nine months, the main industrial indicators continued to show a strong recovery, making substantial contributions to the city's overall economic growth.

In the period, the industrial production index grew by 5.4% year-on-year. The processing and manufacturing sector, in particular, saw a 4.8% increase, with its consumption index rising by 9.9%.

Thang attributed these positive outcomes to rising global demand and supportive measures from the Government, ministries, and the municipal authorities.

To further boost industrial production, Hanoi aims to ensure that 100% of key industrial enterprises benefit from its support policies.

The capital city is also focusing on providing preferential credit policies for prioritised sectors, improving the investment and business environment, and resolving existing bottlenecks. Additionally, it is supporting companies in modernising, improving their production capabilities and increasing their localisation rate.

The city is closely monitoring global economic trends to keep businesses updated, particularly about potential markets. Local associations and businesses are also assisted in leveraging traditional markets and exploring new, promising ones.

Moreover, Hanoi is actively promoting the popularisation of free trade agreements to help firms understand related opportunities available to step up investment, production and supply chain integration./.

VNA