Vietnam's economic hub Ho Chi Minh city to revive manufacturing sector

Vietnam's southern economic hub Ho Chi Minh city is seeking ways to revive its manufacturing sector, which currently accounts for only 18 per cent of the city's economy, state media reported on Friday.

Industrial production, a major driver of the city's economic growth, shrunk 0.9 per cent in the first quarter of the year from a year ago as persistent global uncertainties and high interest rates led to a contraction in the manufacturing sector, said experts at a conference held here early this week as quoted by Vietnam News report.

The city is advised to shift its focus towards key industrial sectors, including electronics, pharmaceutical, chemicals-rubber-plastic, mechanical engineering, and food and beverage processing, said Bui Ta Hoang Vu, Director of the city's Department of Industry and Trade as quoted by Xinhua news agency report.

Besides, the city should also invest in biotechnology, medical and renewable energy equipment manufacture and automation, experts added.

Nguyen Thi Kim Ngoc, Deputy Director of the city's Department of Industry and Trade, advised local firms to upgrade their technologies, workers' skills and infrastructure to meet the requirements of the supply chains.

The city's government is set to roll out industrial development plans until 2030, restructure the industrial sector and promote scientific research and innovation, she added.

--IANS

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