Prosperity in industrial production

Despite facing many difficulties and challenges, in July 2023, industrial production in the province showed signs of prosperity. The index of industrial production (IIP) in July increased by 8.96 percent over the previous month and by 3.13 percent over the same period in 2022.

TNG Investment and Trading Joint Stock Company produces garments for export. Photo: Lang Khoa

In July 2023, industrial enterprises' production and business activities in the province still faced many difficulties and needed help to regain high growth momentum in the short term. However, with the management and drastic action of the whole political system from the province to the grassroots, the efforts of the business community, and employees, the IIP Index has grown quite highly compared to the previous month and the first 6 months of this year.

Mr. Tran Quang, Director of the Provincial Statistics Office, said: "Statistics show that IIP in July 2023 achieved 8.96 percent, the highest growth rate since the beginning of the year. Notably, IIP in July of the number of key industries increased sharply compared to the previous month, including processing and manufacturing industries increased by 9.47 percent, of which manufacturing electronic products and computers and optical products increased by 10.88 percent; the water supply industry, waste and wastewater management and treatment activities increased by 1.96 percent."

Mr. Nguyen Van Thoi, Chairman of the Board of Directors of TNG Investment and Trading Joint Stock Company, shared: "The world economy continues to fluctuate unpredictably, inflation is down, but it is still at a high level. The trend of tightening spending and reducing purchasing goods occurs in many places. Many textile and garment enterprises are going through a challenging period when the number of orders decreases, especially since some enterprises have run out of orders to maintain production.

For TNG, in 2023, thanks to good forecasting and implementation of many solutions for equipment innovation, production technology, product quality improvement, and market competitiveness, the enterprise signed many large export orders to Western European markets. In July, TNG achieved total revenue of VND 782 billion, an increase of over 11.5 percent compared to the previous month. In 7 months, the total revenue is nearly 4,120 billion VND, an increase of around 3 percent compared to the same period in 2022. The company ensures stable jobs for nearly 17,000 employees, with an average income of over 9 million VND/person/month.

Workers produce high-quality mechanical goods at Iron and Steel Mechanical Joint Stock Company.

Similar to TNG, many enterprises in the province had relatively high growth in production and consumption in July, such as Samsung Electronics Vietnam Thai Nguyen Co., Ltd., Gonics Thai Nguyen Co., Ltd., Co., Ltd. Alutech Vina, Song Cong Diesel One Member Limited Liability Company, No. 1 Machine Parts Joint Stock Company, Van Xuan One Member Limited Liability Company, Cao Ngan Thermal Power Company, Thai Nguyen Clean Water Joint Stock Company...

To achieve the goal of industrial production growth, departments, sectors, and localities need to actively monitor developments in the world and domestic economic situation to have flexible solutions to the actual problem. Especially to implement the Prime Minister's direction at Official Dispatch No. 470/CD-TTg dated May 26, 2023, on implementing drastic and effective tasks and solutions to remove difficulties for enterprises.