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Friday, June 21, 2024

Industry sees 3.2% growth in added value

The Saigon Times

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HCMC – Last year saw industry recording 3.2% growth in added value against the previous year, General Statistics Office data showed.

Processing and manufacturing posted a 3.62% rise in added value and contributed 93 basis points to the country’s economic growth. Electricity generation and distribution grew 3.79%, contributing 14 basis points.

Water supply and sewerage and waste management went up 5.18%. In contrast, the mining sector’s value was down 3.17%

The 2023 index of industrial production (IIP) inched up 1.5% year-on-year. Sectors posting strong IIP growth were plastics and plastic products (13.2%), chemicals and chemical products (9.5%), metals mining (8.3%), textiles (7%), and food production and processing (6.1%).

There were 50 centrally-governed provinces and cities reporting an increase in the IIP, while 13 others declined. These disparities were attributed to the performance of processing and manufacturing, mining, and electricity-related activities.

The National Assembly has set a target for the industrial sector to contribute around 24.1% to the nation’s gross domestic product in 2024.

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