The Industrial Production Index of Vinh Phuc province in August 2021 rose by 4.6% from July, but slumped more than 6% from the same period of 2020, according to Vinh Phuc Provincial Statistics Office. However, the index climbed more than 15% year on year from January to August 2021. Eight out of 10 major industrial product groups expanded from a year earlier, including electronic components and motor vehicles.
Vinh Phuc province now has 426 effective FDI projects with a registered fund of over US$7 billion from 20 countries and territories and 816 DDI projects with VND104,706 billion (US$4.5 billion). FDI projects are employing more than 14,000 workers. Due to the COVID-19 pandemic, about 180 projects had to scale down or suspend their operations as a result of supply disruptions, consumer markets, labor and capital. More than 14,000 workers were affected by the COVID-19 pandemic, with about 4,000 being laid off.
To maintain and restore industrial production, in the coming time, with active solutions in place, Vinh Phuc province proposed that central authorities soon launch support mechanisms for industrial parts manufacturers to expand the scale to serve key export industries; quickly accelerate vaccination rollouts nationwide and introduce business support policies to stabilize export input prices.
At the same time, there is a need for solutions to deal with logistics difficulties and reduce congestion in frontier areas to promote trade, expand markets and seek business partners.
Source: Vietnam Business Forum