This year, the end of the Lunar New Year holiday falls on the weekend, so some businesses in industrial parks and export processing zones in Ho Chi Minh City have proactively allowed their workers to take an additional day off and return to work from the 10th day of the Lunar New Year (February 19th, Gregorian calendar). As of today (February 20th), workers at these businesses have returned to work almost fully.
Mr. Dao Xuan Duc, Chairman of the Ho Chi Minh City Industrial Parks Association (HBA), said that some textile, garment, and leather shoemaking enterprises in the industrial parks and export processing zones have received orders until the middle of the year. This is a positive signal in the current difficult economic situation.
Businesses in Tan Binh Industrial Park are preparing for the first order of the year (Photo: Le Hang)
At this time, importers hesitate to place long-term orders like before and instead are examining consumer market signals. The electronic and electrical equipment industry, however, has stable orders.
“Due to the long Lunar New Year holiday, some companies proactively allowed their workers to take additional leave, so the workers were able to arrange their time to return to work. Orders are still difficult, but some businesses have received orders until June. Orders for the whole year depend on market conditions and whether they will continue to place additional orders for the last months of 2024,” said Mr. Dao Xuan Duc.
Businesses in Hiep Phuoc Industrial Park return to work after the Lunar New Year holiday (Photo: Hoang Hung)
According to the report of the Ho Chi Minh City People’s Committee, the industrial production index (IIP) in January decreased by 4.5% compared to the previous month, but increased by 27% compared to the same period last year (due to the Lunar New Year falling in the same period last year). The number of newly established businesses increased by 30%, and the registered capital increased by 117% compared to the same period last year.
