Phu Tho: 18.28% growth in the Industrial Production Index

DNHN - In 2023, the Industrial Production Index (IIP) increased by 18.28% year-on-year, continuing to maintain its position and role as the mainstay of the province’s economy.

The increase in the IIP is a testament to the efforts of the business community to overcome difficulties and the support of the province, industries, and localities in implementing programmes and solutions to promote production and business development.

Taking advantage of the State’s policies to support production and business, such as reducing value-added tax; extending the deadline for paying value-added tax, corporate income tax, and land rent; and reducing lending interest rates, businesses have flexibly implemented solutions to fulfil their production and business targets.

In 2023, the province’s industrial production maintained a fairly high growth rate, with the added value of industry reaching over 15,200 billion VND, an increase of 11.5% year-on-year and achieving 100.7% of the assigned plan. The Industrial Production Index increased by 18.28% year-on-year, of which: The mining industry increased by 19.49%; the manufacturing and processing industry increased by 18.5%; and the production and distribution of electricity, gas, hot water, steam, and air conditioning increased by 9.34%.

Sunrise Industrial Vietnam Co., Ltd. (Cam Khe Industrial Park, Cam Khe District) is a company specialising in producing garments for export. Despite the challenging general context, the company has been proactive and creative in its production and business operations, improving product quality and actively promoting its products.

Mr Gu YanZhong - Director of Sunrise Industrial Vietnam Co., Ltd. said: In addition to its traditional customer Walmart (the world’s leading retail corporation), the company has expanded its market to countries in Asia, Europe, Canada, etc. As a result, the company’s production activities have been maintained and developed.

According to Mr Gu YanZhong, the output in 2023 reached 18.5 million products, with revenue reaching 27.75 million USD; ensuring jobs for 1,890 workers, with an average income of over 7 million VND per month.

Faced with many difficulties due to the high prices of raw materials and supplies, and the decline in market purchasing power, businesses have applied new technologies, improving efficiency. In 2023, Lam Thao Superphosphate and Chemicals Joint Stock Company strengthened innovation in management and production technology and developed increasingly diverse new products. As a result, in 2023, the company’s revenue reached 3,568 billion VND, equivalent to 110% of the annual plan and an increase of 9% year-on-year; contributing 47 billion VND to the state budget.

Along with the timely implementation of support policies from the central government, with the motto of accompanying businesses, Phu Tho province has regularly reviewed and closely monitored the production, business, and investment plans of businesses to promptly grasp and resolve difficulties and problems of businesses in terms of mechanisms, policies, and administrative procedures.

To promote the continued development of industrial production, in 2024, Phu Tho province will continue to quickly and effectively implement financial and monetary policies and strategies; focusing on monetary and interest rate solutions to support businesses in recovering and developing production and business.

Mr Cu Xuan An - Deputy Director of the Department of Industry and Trade of Phu Tho province said: In 2024, the Department of Industry and Trade will focus on effectively implementing the mechanisms and policies of the central government and the province to accompany, remove difficulties and obstacles, and help businesses promote production and business activities. Focus on attracting and developing industrial products with competitive advantages, prioritising the development of products with high quality, added value, application of high technology, and environmental protection, at the same time, maximising investment resources for infrastructure development in industrial parks and clusters.

Quoc Huy