Industrial output enjoys a bumper start to new year
Industrial output enjoys a bumper start to new year
Viet Nam's Index of Industrial Production increased 21.1 per cent in January compared to the same period last year, showing signs of a production recovery, according to the General Statistics Office (GSO).
Industrialists said in January this year the processing and manufacturing industries accounted for more than 70 per cent of the total industrial production by posting an increase of 26.3 per cent, according to GSO expert Vu Quang Ha.
Production has enjoyed strong growth in several sectors: production surged 93.6 per cent for accessories production in the support industry; 66.6 per cent for fertiliser and nitrogen; and 60.3 per cent for cement production.
Footwear and ready-made garments also rose by 52.5 per cent and 49.1 per cent respectively, while electricity production and distribution grew by 25.7 per cent.
However, industrial production of crude oil fell 0.5 per cent to 1.4 million tonnes, 19.8 per cent for civil electricity and 30.2 per cent for shipbuilding.
Experts of the Central Institute for Economic Management warned that despite the high increase of industrial production in January, it had followed on from a decrease of 3.2 per cent in December 2012.
It is clear that domestic production has not yet escaped the difficulties of selling products. Many industries had to operate perfunctorily or temporarily stop their production.
The slowed growth rate was mainly due to low consumer demand, high inventories of unsold items and a reduction or temporary halt in production by many manufacturers.
As of early January, inventories rose 21.5 per cent year-on-year, with an additional increase of 1.5 per cent compared to December 2012.
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