Hanoi: With the drastic direction of the Government, ministries, sectors and localities, industrial production in the last months of 2023 will improve, according to the General Statistics Office (GSO).

However, hurdles remain and the sector would not be able to regain a high growth rate in the short term, the office assessed.

According to the GSO’s quarterly production and business trend investigation report, 76.3% of enterprises operating in processing and manufacturing forecast their production and business activities in the fourth quarter will be more positive or remain stable compared to the third quarter (39.1% better, 37.2% stable), and the remaining think their operations will be more difficult.

Phi Thi Huong Nga, Director of the Department of Industrial and Construction Statistics under the GSO, said that in the third quarter, low domestic market demand and high competitiveness of domestic products are still the factors that most affect the production and business activities of enterprises.

In addition, Vietnam’s major export partners such as the US and the EU have reduced spending on both common and luxury products, resulting in decreases in the number of orders.

According to the Ministry of Industry and Trade, reputable international organisations maintain their positive forecasts on Vietnam’s economic outlook in 2023 and the coming time.

The implementation of policies to help solve difficulties for enterprises, and the State Bank of Vietnam’s moves to loosen monetary policy and reduce interest rates are expected to boost business and production in the coming time.

Representatives of processing and manufacturing enterprises have shown their hope to have electricity, water, and fuel prices stabilised to limit the increase in production costs; while recommending the Government stimulate demand in the domestic market to support them in finding partners to sell their products more effectively./.

Source: Vietnam News Agency