Bright sign of industrial manufacturing

Industrial output in the province has increased in the first quarter of 2024, and large-scale firms are operating steadily, contributing to the overall expansion of the sector. The industrial production index increased by 26.6% over the same period last year, with the processing and manufacturing industry up 27.6%, the production and distribution of electricity, gas, hot water, steam, and air conditioning up 10.8%, and water supply, waste management, and treatment up 2.11%.

Shoes are manufactured at Vinh Phu Shoe Joint Stock Company.

Some industrial items have increased output during the same time, such as: Laptops are anticipated to be 2.5 million units, an increase of almost 185%; Integrated electronic circuits are estimated to be 23.2 million pieces, an increase of about 60%. NPK fertilizer is anticipated at 120,400 tons, up 16%; superphosphate fertilizer is estimated at 95,700 tons, up 6.7%. The total amount of paper and paperboard is anticipated to be 64,300 tons, representing a 2.2% rise.

The paper and packaging business, particularly as supporting items for other industrial sectors supplying packaging needs, is expected to improve in 2024 as several industries recover. Viet Tri Paper Joint Stock Company, based in Viet Tri City, specializes in the production of packaging paper; output in the first quarter of this year was around 38,000 tons, up 10% over the same period last year.

Furthermore, many enterprises that produce items for both local and international markets obtained new orders with larger order amounts, which boosted industrial output. In the first quarter, Vinh Phu Shoes Joint Stock Company in Viet Tri City received new orders totaling 300,000 pairs.

Although industrial production activities are showing signs of improvement, they are expected to face difficulties as a result of complicated developments in geopolitical conflicts in some countries around the world, causing gasoline prices and the prices of some imported goods to rise, while the global economy faces challenges from slow growth and high inflation. Furthermore, multinational businesses' strategy of relocating supply chains and production closer to the consumer market will boost competition in the local export market for industrial goods.

In the future, the province’s functional departments and branches will continue to have a solid grip on the operational position of firms, particularly those producing essential industrial goods and traditional industries, in order to provide support and reduce barriers to financing, raw materials, labor, and consumer markets... Continue to lead the elimination of impediments and create favorable conditions for new projects to be finished swiftly and put into operation, contributing to growth and employment creation. Encourage the development of infrastructure in industrial zones and clusters, as well as the creation of clean working conditions, in order to attract major industrial projects.

Nguyen Hue