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Tuesday, July 23, 2024

Industrial production bounces back quickly

The Saigon Times

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HCMC – Vietnam’s industrial production is roaring back as the country saw the industrial production index (IPI) in August rise by 2.9% month-on-month and 15.6% year-on-year, according to the General Statistics Office.

Data of the office showed that the processing and manufacturing sector posted a year-on-year IPI increase of 16.2% in August, followed by electricity generation and distribution at 14.8%.

Other industries that posted a higher IPI in August included water supply, waste treatment and mining.

The index between January and August improved 9.4% year-on-year, the local media reported.

During the eight-month period, the IPI of some key industries soared compared to the same period last year, such as beverage production (26.8%), clothing (22.5%), and leather and related products (18.5%).

Main products that recorded a high year-on-year IPI increase included beer (31.2%), processed seafood (20.7%), phone parts (19.6%) and automobiles (13.9%).

On the negative side, rubber and plastic production reported an IPI decrease of 6.3%, while crude oil, natural gas and metal manufacturing also saw a drop in IPI during the eight-month period.

As many as 61 cities and provinces enjoyed an IPI increase during the January-August period, mainly backed by the quick recovery of the processing-manufacturing and electricity distribution sectors, while the remaining two localities reported a drop.

In August, the number of workers at industrial firms nationwide inched up 0.6% month-on-month and soared by 23.2% year-on-year.

Economic experts said that the Government and the ministries and departments have promptly removed obstacles facing firms to help them rebound quickly.

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