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

Industrial production forecast to improve in last months of 2023.

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.

Hustle and bustle outskirts of the industrial park

BAC GIANG - After being affected by the Covid-19 epidemic and the world economic situation, many enterprises in industrial parks in the northern province of Bac Giang used to have few orders and had to cut labor. However, they have recovered and made a strong breakthrough. More and more laborers work at the industrial parks, reaching a higher level than before the epidemic and helping the outskirts of industrial parks become bustle again.

Most workers in industrial parks return to work

BAC GIANG - After the National Day holiday (September 2), workers in many enterprises in Bac Giang province's industrial parks have returned to work.

Bac Giang sees busy factory construction in industrial parks

BAC GIANG - In the industrial zones of Bac Giang province, besides factories in full swing, new ones have been constructed urgently. Contractors have taken the advantage of favorable weather conditions for construction with the goal of soon putting the works into operation, contributing to increasing the capacity and output of enterprises.

Bac Giang prioritizes resources to build power projects for industrial development

(BAC GIANG)- Leaders of Vietnam Electricity Corporation (EVN) had a meeting with the provincial People’s Committee of Bac Giang province on August 25 on cooperating to construct the power grid projects and power supply situation. Chairman of the provincial People’s Committee Le Anh Duong and EVN Chairman Dang Hoang An co-hosted the meeting.

Bac Giang and Bac Kan exchange experiences in developing industrial parks and clusters

BAC GIANG – The working delegation of Bac Kan province led by Vice Chairman of the provincial People’s Committee (PPC) Dinh Quang Tuyen on August 22 paid a visit to Bac Giang province to study and exchange experiences in developing industrial parks and clusters (IPC) in Bac Giang. The delegates were received by Bac Giang PPC Vice Chairman Phan The Tuan and relevant departments.

Source: VNA