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Ho Chi Minh City
Monday, June 27, 2022

Industrial production rises 4.82% in 2021

The Saigon Times

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HCMC – Vietnam’s industrial production rose 4.82% in 2021, mainly driven by the manufacturing and processing industry, according to the General Statistics Office.

In the fourth quarter of 2021, industrial production recovered strongly after social distancing measures were relaxed, soaring 6.52% year-on-year.

The manufacturing and processing sector recorded the highest growth rate, at 6.37% year-on-year. This sector also took the lead in terms of foreign direct investment as it attracted over US$18 billion last year, accounting for 58% of the country’s total.

In particular, metal production increased 22.1% and the production of motored vehicles increased 10.2% year-on-year. The production of electronics, computers and optical products rose 9.6%, electricity production and distribution rose 5.24%, and water supply and wastewater management rose 4%. Meanwhile, the mining industry suffered a 6.21% decline.

Phi Thi Phuong Nga, deputy director of the Department of Industrial and Construction Statistics, said industrial production in most cities and provinces rebounded after the Government issued Resolution No. 128 on safely and flexibly adapting to and effectively controlling the Covid-19 pandemic.

In November and December 2021, the manufacturing and processing sector grew 8.6% and 10.9%, respectively.

Production activities, especially in industrial hubs such as HCMC, Binh Duong, Bac Ninh, Bac Giang and Hanoi, have resumed and enjoyed positive results.

According to Nguyen Thi Huong, director of the General Statistics Office, industrial production contributed significantly to the country’s socioeconomic recovery.

Besides, a survey conducted by the General Statistics Office showed that some 44% of industrial enterprises saw their business conditions improve in the fourth quarter of 2021 compared with the third quarter, and 31.1% said their business condition was stable. Only 24.9% of industrial enterprises said their business condition worsened.

Up to 77.4% of respondents saw their export orders increase or remain stable, while only 22.6% saw declining new orders.

Most industrial enterprises were optimistic about the first quarter of 2022. Nearly 82% of respondents expected that their business condition would improve or remain stable, while only 18.3% forecast that the situation would worsen.

Regarding recruitment, 88.2% of industrial enterprises will recruit more employees or maintain their workforce, while 11.8% plan to cut their staff in the first quarter of this year.

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