HCM City's industrial production is making a robust recovery with its Index of Industrial Production growing by 2.1% in February. (Photo: VNA)

HCM City – Ho Chi Minh City's Index of Industrial Production grew by 2.1% in February and 26.5% from the same month last year, indicating manufacturing is recovering strongly.

The index is calculated by comparing current production with a chosen base year.

According to the HCM City Statistics Office, the consumption index for the processing and manufacturing sector increased by 11.7% year-on-year.

There are 16 processing and manufacturing industries seeing an increase in the index, while seven declined.

Some industries saw inventories fall, with the auto, wood processing and other transport manufacturing sectors reporting declines of 48%, 41.1% and 30.2%.

General Director of Tetra Pak Vietnam Nguyen Thanh Giang said citing Euromonitor data that the F&B sector would see a compound annual growth rate (CAGR) of 10.25% until 2027 to reach 872.916 trillion VND in value.

F&B growth demands rapid packaging expansion, requiring local businesses to address production costs, materials and resource limits.

DenEast Vietnam CEO Johan Boden stated that innovation and sustainability are not just business goals, but also align with Vietnam's development strategy, and businesses need to embrace them to stay competitive.

Deputy Director of the city's Department of Industry and Trade Nguyen Nguyen Phuong said local industry is restructuring with a focus on technology and digital transformation.

The department has various programmes to support business and product growth, connecting demand and supply in key sectors and supporting industries.

It also helps businesses explore export markets and overseas partners through events such as Vietnam's Outstanding Export Products Fair, Sourcing Fair of Supporting Industry and others./.