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Vietnam: Industrial production gains impressive growth in January
The Hanoitimes – Vietnam’s index of industrial production (IIP) experienced an impressive year-on-year growth of 21% in the first months of this year, General Statistics Office (GSO) reported.
GSO attributed the impressive IIP growth to the fact that domestic firms have concentrated on producing goods to meet increasing demands of local people for the Lunar New Year (Tet) holiday, which will be in February this year, unlike last year when it was in January.
In the first month, the manufacturing and processing sectors saw the strongest IIP growth at 24%, followed by electricity production and distribution at 15.4%, and the mining industry at 10.5%.
Among the industrial products that posted high IIP increases in the month included television sets (63%), powdered milk (51%), cement (30%) and raw steel and iron (28%), as well as coal (27%), paint (25%) and natural gas (22%).
Several other goods that recorded modest industrial production increases were seasoning powder (4.3%), footwear (4%) and animal feed (equal to growth of same month last year). IIP reductions, however, were recorded in some other areas, such as urea fertilizer (9%) and crude oil (11%).
The central city of Da Nang took the lead among localities enjoying high IIP in January with 49%. Two northern provinces of Bac Ninh and Hai Phong ranked second and third with 47% and 31%, respectively, while the southern province of Binh Duong came fourth with 24%. Meanwhile, Ho Chi Minh City and Hanoi witnessed IIP increases of 15% and 14.7%, respectively.
The number of employees working in industrial enterprises as of January 1 was 4.2% percent higher than a year ago, according to GSO.
Vietnam’s IIP recorded impressive growth last year, with IIP increasing 9.4%, much higher than 7.4% rise seen in the previous year.
GSO’s head Nguyen Bich Lam said that the growth was fuelled by the processing and manufacturing industry, which rose by 14.5% year-on-year, the highest level over the past six years.
According to Lam, the IIP last year could enjoy a stronger growth without a remarkable reduction of 7.1% recorded in the mining sector. Meanwhile, two others — electric production and distribution and water supply and waste treatment – rose 9.4% and 8.7%, respectively.
Several sectors also recorded a surge in IIP last year, such as electronics, computer and optical products (33%), metal manufacturing (18%), rubber and plastic products (14%) and paper production (10.2%).
Vietnam’s industrial sector is expected to expand by 7.3% this year.
Among the industrial products that posted high IIP increases in the month included television sets (63%), powdered milk (51%), cement (30%) and raw steel and iron (28%), as well as coal (27%), paint (25%) and natural gas (22%).
Several other goods that recorded modest industrial production increases were seasoning powder (4.3%), footwear (4%) and animal feed (equal to growth of same month last year). IIP reductions, however, were recorded in some other areas, such as urea fertilizer (9%) and crude oil (11%).
The central city of Da Nang took the lead among localities enjoying high IIP in January with 49%. Two northern provinces of Bac Ninh and Hai Phong ranked second and third with 47% and 31%, respectively, while the southern province of Binh Duong came fourth with 24%. Meanwhile, Ho Chi Minh City and Hanoi witnessed IIP increases of 15% and 14.7%, respectively.
The number of employees working in industrial enterprises as of January 1 was 4.2% percent higher than a year ago, according to GSO.
Vietnam’s IIP recorded impressive growth last year, with IIP increasing 9.4%, much higher than 7.4% rise seen in the previous year.
GSO’s head Nguyen Bich Lam said that the growth was fuelled by the processing and manufacturing industry, which rose by 14.5% year-on-year, the highest level over the past six years.
According to Lam, the IIP last year could enjoy a stronger growth without a remarkable reduction of 7.1% recorded in the mining sector. Meanwhile, two others — electric production and distribution and water supply and waste treatment – rose 9.4% and 8.7%, respectively.
Several sectors also recorded a surge in IIP last year, such as electronics, computer and optical products (33%), metal manufacturing (18%), rubber and plastic products (14%) and paper production (10.2%).
Vietnam’s industrial sector is expected to expand by 7.3% this year.
Source: http://www.hanoitimes.vn/economy/2018/01/81E0C133/industrial-production-gains-impressive-growth-in-january/