The main pillar of economic growth
According to Directorate Statistics, production and business activities in the third quarter of 2024 grew more positively than the previous quarter, the growth rate of added value in the industrial sector is estimated at 9.59% compared to the third quarter of 2023. In the first 9 months of 2024, the added value of the industrial sector was 8.34% over the same period last year, of which the processing and manufacturing industry increased by 9.76%.
It can be said that the processing and manufacturing industry in the third quarter of this year continued the positive growth momentum from the second quarter of 2024, being the main pillar of economic growth in the third quarter and the first 9 months of 2024. Although affected by storm No. 3 (Yagi), the processing and manufacturing industry still maintained a high growth rate.
Explaining the reason, Ms. Phi Thi Huong Nga - Director of the Department of Industrial and Construction Statistics - said that although storm No. 3 affected the production activities of processing and manufacturing enterprises, the impact was not significant due to the strong direction of local authorities in ensuring quick resolution of power outages and ensuring immediate power supply to enterprises.
On the other hand, manufacturing enterprises have proactively taken measures to prevent storms, overcome post-storm damage, reorganize production, and increase production to compensate for the amount of finished products damaged by storms and make up for the time lost in production to ensure delivery time according to signed contracts.
According to Director Phi Thi Huong Nga, in addition to being affected by the storm, in the third quarter of 2024, there were also positive factors that created momentum for growth. Some export-oriented manufacturing industries increased: Garment and footwear enterprises took advantage of foreign markets; electrical and electronic enterprises also increased production volume due to many export orders.
Automobile manufacturers have sharply increased production volume to take advantage of Decree 109/2024/ND-CP, which reduces 50% of registration tax for domestically assembled cars, effective from September 1, to prepare for consumption in the coming months.
"Many growth drivers in the third quarter of 2024 will continue to be maintained and promoted in the fourth quarter of 2024," said Ms. Phi Thi Huong Nga.
Businesses recommend support policies
According to Directorate Statistics, in the coming time, to support the production and business activities of enterprises in the processing and manufacturing industry in the following quarters, enterprises have made a number of recommendations.
Regarding input factors for production and business, to reduce the pressure of high input costs for businesses, 43.4% of businesses recommended that the State continue to reduce lending interest rates so that businesses have capital. Regarding raw materials and energy for production, 33.9% of businesses recommended that the State should have policies to stabilize prices of raw materials and energy, and 25.4% of businesses recommended that the Government, ministries, branches and localities stabilize the supply of raw materials for production.
Regarding labor, 15.1% of businesses recommended supporting businesses to train and improve workers' skills to meet new requirements in production.
In addition, 20.5% of enterprises recommended continuing to improve the quality of logistics services; 19.6% of enterprises recommended reducing land rent for production and business; 17.0% of enterprises recommended ensuring a stable power source for production.
Regarding administrative procedures, 25.9% of enterprises recommended that State agencies continue to reform administrative procedures so that the waiting time and implementation of administrative procedures for enterprises are shortened to the maximum; 24.9% of enterprises recommended that banks continue to simplify and reduce procedures and loan conditions and support the process of completing loan applications faster, so that enterprises have capital for production and business more promptly and effectively.
