IIP fails to hit former heights due to economy
IIP fails to hit former heights due to economy
The index of industrial production (IIP) saw a 5.4 per cent year-on-year increase in the January-October period, according to the General Statistics Office (GSO).
In October alone, the index edged up an estimated 5.9 per cent compared to the same period last year.
GSO experts said industrial production did not bounce back strongly due to global economic turmoil. IIP growth in the first 10 months this year was much lower than in previous years (9.2 per cent in 2011 and 5.6 per cent in 2012).
They attributed the low growth to high inventory. The volume of stockpiled goods in the processing and manufacturing industry hit 9.7 per cent early this month.
Industries with higher inventory include motorcycle production (up 168.8 per cent), paper production (up 101.5 per cent), electronic home appliances (up 100.9 per cent), sugar processing (up 98.4 per cent), pharmaceutical chemicals (up 54.8 per cent) and steel production (up 18.4 per cent).
However, some industries saw consumption grow, such as urea (up 27 per cent), powdered milk (up 13.8 per cent), refined sugar (up 12.9 per cent), ready-made cloth (up 11.4 per cent), processed seafood (up 8.6 per cent) and automobile assembly (up 13.4 per cent).
HCM City's IIP climbed 5.9 per cent, higher than the national average. Vinh Phuc and Quang Ngai provinces posted increases of 17 per cent and 21.1 per cent, respectively, and Dong Nai Province and Binh Duong Province both gained 7.6 per cent. Ha Noi's IIP grew only 4.45 per cent.
vietnamnews
