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Vietnam industrial output falls in January
HANOI: Vietnam’s index of industrial production (IIP) fell 14.6% in January from the previous month and 8% from the same period last year, the General Statistics Office (GSO) says.
The GSO attributed the IIP reduction to the Lunar New Year (Tet) holiday which fell in January. Due to the Tet holiday, the number of working days in January was eight to 10 days fewer than in December and January 2022.
The office also blamed the decline in industrial production in the first month of this year for a drop in the number and size of orders.
During the month, the processing and manufacturing industry saw the most significant IIP drop with 9.1%. The mining industry followed it with 4.9% and the electricity generation and distribution sector with 3.4%.
Meanwhile, the water supply, waste-water treatment and management activities recorded an IIP increase of 3.7%.
Key industries that recorded substantial declines in January included means of transport, down 27%; motor vehicle production (24%); apparel production (21%); electrical equipment (19%) and metal production (15%).
On the contrary, several industries saw a hike in industrial production, such as beverage production, up 18%; exploitation, treatment and supply of water (6%); and repair, maintenance and installation of machinery and equipment (4%).
The GSO also outlined industrial products posting significant IIP declines in the first month, including liquefied petroleum gas down 33%, motorbikes (32%), automobiles (32%), steel bars and sugar (26%), and televisions (24%).
Among localities that experienced a significant decrease in industrial production were Vinh Phuc (29%), Hanoi (23.2%), Vinh Long (23%), Ho Chi Minh City (21%), Hai Duong (20%), Binh Duong (17%), Dong Nai (16%) and Ba Ria-Vung Tau (14%).
The localities mentioned above all had large-scale industrial production. When their industrial production indices fell sharply, it would affect the industrial production of the whole economy, the GSO explained.
However, these provinces are making efforts to facilitate their industrial production in 2023. Ho Chi Minh City is a good example.
Nguyen Nguyen Phuong, deputy director of the municipal Department of Industry and Trade, said that his department is implementing a programme to improve qualifications, management capacity, productivity, and product quality management for enterprises in supporting industries.
He said it is also supporting enterprises to supplement resources and improve competitiveness, adding that solutions to stimulate investment in supporting industries in this period are also essential. — Viet Nam News/ANN