Businesses in HCM City, neighbouring places recovering as restrictions ease

11/18

HCM CITY — Businesses in the south, including HCM City, are recovering production and business quickly after remaining closed for more than 4 months due to COVID-19 restrictions.

In October, Mobile World Investment Corporation's net revenues increased by 38 per cent year-on-year and 45 per cent over September to VNĐ12 trillion (US$515 million).

The company’s chairman, Nguyễn Đức Tài, said it was the highest ever monthly sales.

Phú Nhuận Jewelry Joint Stock Company’s October sales rose by an estimated 12-15 per cent year-on-year, aided by several promotions.

PNJ targets net revenues of VNĐ21 trillion ($910.09 million) and net profits of VNĐ1.23 trillion ($53.3 million) this year, up 20 per cent and 15 per cent from last year, its chairwoman, Cao Thị Ngọc Dung, has said.

Workers process pangasius for export at Vĩnh Hoàn Corporation in HCM City . — Photo nld.com.vn

It plans to achieve this by improving its supply chain, quickly expanding its retail network, optimising all its stores, reducing costs, and improving the customer experience and market forecasting.

In October industrial production recovered well, with HCM City's ​index of industrial production (IIP) estimated to increase by 23.6 per cent from the previous month.

But it has not yet reached its level of a year earlier.

The IIP increase in October was largely driven by the resumption in production activities in HCMC and its surrounding industrial hubs.

The most dynamic subsectors included food and beverages, tobacco, garment and footwear, rubber and plastic products, metals, and furniture, all of which registered double digit month-on-month growth rates.

Nearly 96 per cent of enterprises in 17 processing and industrial zones in HCM City have resumed operations a month after social distancing was lifted, according to the HCM City Export Processing and Industrial Zones Authority.

More than 230,500 workers, or 80 per cent of the total number, have returned to work, with some factories reporting figures of 95-100 per cent. VNS