New growth expectations for industrial production

In 2023, the province’s industrial production has recovered, the industrial production index has increased by 17.3% (increased by 11.4% over the same period last year).

In particular, the processing and manufacturing industry continues to play a leading role, accounting for over 90% of the industry proportion, creating the largest added value for the industrial sector, maintaining a high increase of 17.4 %. 6 out of 18 processing and manufacturing industries have added new capacities, increasing quite well over the same period, in which electronic, computer and optical products increased by over 40%, electrical equipment production increased by over 70%, production of beds, cabinets, tables and chairs increased by nearly 8%...

Garment is an industry that faces many challenges due to economic and political instability in the world leading to inflation, inhibiting consumption targets from Vietnam’s major export markets. The problem for textile and garment enterprises is that the marketing and market research need to be determined in the short and medium term to adjust orders and invest in appropriate equipment.

Yida Vietnam Co., Ltd. which invests in production in Song Thao town industrial complex, Cam Khe district, and specializes in producing garments for export, started production in 2018, creating jobs for over 4,000 workers, producing an average output of more than one million products per month. The Company is certified by the Vietnam General Confederation of Labor as “Typical Enterprise for Workers” in 2023. Mr. Chu Wing Cheong - CEO of the Company said: "To ensure orders for production, our company has connected and exploited new customers, oriented our product line strategy, and focused on improving the skills for our workers. Along with that, create prestige with partners by ensuring progress and flexibility in meeting order requirements in terms of quality, type, design and quantity."

Entering 2024, it is forecast that the global growth of economy, trade and investment tends to slow down, however, there are still many opportunities for the industry to make breakthrough through exploiting internal resources from the investment capital. Infrastructure of industrial parks and complexes continues to be improved. Preferential mechanisms and policies for the operations of manufacturing enterprises are introduced.

Cam Khe Industrial Park has a planned area of 450 hectares, 110 hectares of leased industrial land, and has so far attracted 27 investment projects. Enterprises investing in production create jobs for over 5,000 workers. Mr. Nguyen Duc Anh - Director of Duc Anh Construction Joint Stock Company, the infrastructure investor of Cam Khe Industrial Park project said: "The industrial park has leveled the ground, and completed building the infrastructure for the phases I, II, III and is now implementing phase IV. During the implementation process, we received close attention from provincial and local leaders, especially in site clearance and investment promotion. These are positive factors for the Industrial Park to continue to promote its advantages, attracting many industrial investment projects, especially large-scale, pervasive projects in the coming time."

With new factors in production combined with solutions to overcome difficulties, high determination of all levels and sectors, and the dynamism of the business community, we believe that the province’s industrial production will create an important mark in 2024, contributing to the comprehensive completion of the province’s socio-economic development goals.

Nguyen Hue