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Tuesday, July 16, 2024

Vietnam’s industrial production improves in August

The Saigon Times

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HCMC – Vietnam’s industrial production continued its positive trajectory in August 2023 amidst ongoing global economic challenges, driven primarily by the processing and manufacturing sector.

The Index of Industrial Production (IIP) for August has edged up by an estimated 2.9% compared to July, and 2.6% over the same period last year, according to data released by the General Statistics Office on August 29.

The processing and manufacturing sector has expanded by a substantial 3.5% year-on-year while electricity production and distribution have grown by 3.7%, and the water supply and waste treatment sector has improved by 1.8%. Conversely, the mining sector has declined by 6.2%.

However, global economic uncertainties have impacted domestic industrial production this year. The IIP from January to August has contracted by 0.4% over the same period last year, diverging from the 9.2% year-on-year growth recorded in the first eight months of 2022.

Throughout the eight-month period, the processing and manufacturing sector has decreased by 0.6%, scraping 0.3 percentage point from the overall growth rate.

Electricity production and distribution have displayed growth of 1.7%, the water supply and waste treatment sector has expanded by 4.8%. The mining sector has contracted by 2.5%.

Regarding the labor market, data from the General Statistics Office indicated a 0.9% month-on-month expansion in the workforce, yet a 2.9% year-on-year contraction.

State-owned enterprises have reduced their workforce by 1.9% versus the same period last year, while non-state enterprises have reported a 0.4% increase, and foreign-invested enterprises have seen growth of 1.3%.

According to the Ministry of Industry and Trade, the nation’s economy has remained stable despite global geopolitical and economic uncertainties. Favorable conditions for investment attraction and production promotion are expected to continue in the coming months.

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