HCMC – The index of industrial production (IIP) in Vietnam improved in 49 out of the nation’s 63 centrally-governed provinces and cities in January-May, according to the General Statistics Office (GSO). However, overall, the IIP declined by 2% year-on-year during this time.
The GSO attributed the decline in industrial production to global economic headwinds and weak consumer demand.
The manufacturing and processing industry contracted by 2.5% while the mining industry declined 3.5%. On the other hand, the electricity generation and distribution sector grew a slight 0.8%, and the water supply and waste treatment industry recorded growth of 6.4%.
However, there was a positive trend in May, with the IIP improving by 2.2% compared to April and by 0.1% compared to the same period last year.
Among the provinces, Bac Giang recorded the highest IIP growth, at 15.4%, followed by Phu Tho Province at 15.2%, Hau Giang Province at 13.9%, and Thai Binh and Nam Dinh provinces at 13.2%. Growth in these provinces was mainly driven by increased manufacturing and processing activities as well as electricity generation and distribution.
The manufacturing and processing industry saw double-digit growth in several provinces, including Gia Lai, Tuyen Quang, Bac Giang, Phu Tho, Haiphong and Nam Dinh, ranging from 13.5% to 21.7%.
Hau Giang, Thai Binh, and Nam Dinh provinces also witnessed significant growth in electricity generation and distribution, with respective increases of 270.9%, 63.3%, and 12%.
