INDUSTRIAL PRODUCTION GAINS STABLE GROWTH IN SEVEN MONTHS

Việt Nam’s index of industrial production (IIP) rose by 9.4 per cent year-on-year in the first seven months of this year, according to the General Statistics Office (GSO).

GSO statisticians said the nation’s IIP ensured a stable growth of more than 9 per cent recorded since the beginning of this year.

The processing and manufacturing sector, which accounts for nearly 80 per cent of domestic industrial production, reported a significant IIP increase of 10.7 per cent – a highlight that led the growth of the whole sector, they said.  

Meanwhile, the IIP growth of electricity production and distribution stood at 10 per cent and that of water supply and waste treatment sector and mining sector reached 7.6 per cent and 1.1 per cent, respectively.

Industries achieving high production growth in the reviewed period included coke coal and refined mining products (48 per cent), metal (40 per cent), ore exploitation (17 per cent), rubber and plastic production (16 per cent) and motor vehicles (12 per cent).

Some major industrial products with a strong IIP increase such as crude iron and steel (57 per cent), petroleum (45 per cent), television (24 per cent), liquefied petroleum gas (17 per cent) beside to feed for aquaculture (15 per cent) and handsets (13 per cent).

As of July 1, 2019, the number of labourers working for industrial enterprises nationwide marked a month-on-month rise of 1.3 per cent and a year-on-year hike of 2 per cent, according to the GSO.

Nikkei and IHS Markit said in the latest survey that Việt Nam’s manufacturing production rose sharply in July.

According to the survey, the Vietnam Manufacturing Purchasing Managers' index (PMI) ticked up to 52.6 in July from 52.5 in June, signalling a further monthly improvement in business conditions.

Source: VNS