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Vietnam’s Q1 IIP expands by 6.18%

By Truc Dao

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HCMC – Vietnam’s Index of Industrial Production (IIP) in the first quarter of the year grew by a robust 6.18% against the same period last year, official statistics showed.

The manufacturing and processing sector was the primary driver of this growth as it picked up by 6.98% year-on-year, contributing 1.73 percentage points to the overall IIP.

The electricity production and distribution sector edged up by 11.97%, while the water supply and waste treatment sector rose by 4.99%, adding 1.9 and 0.03 percentage points to the overall IIP. However, the mining sector declined by 5.84%.

Several industries showed remarkable double-digit growth over the previous year. They include the chemical and chemical product industry (28.4%), rubber and plastic products (25.8%), and electrical equipment (24.8%). Likewise, significant growth was observed in the production of coke and refined petroleum products (21.7%), beds, wardrobes, tables, and chairs (18.1%), and metal (16.6%).

Conversely, the IIP for the repair, maintenance, and installation of machinery and equipment industry, crude oil and natural gas extraction, and production of other means of transport slid during the same period.

Among the 63 centrally-run cities and provinces, 54 witnessed a rise in IIP, while nine reported a fall.

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