Industrial production climbs in October
Industrial production climbs in October
The country's index of industrial production (IIP) in October rose by 4.6 per cent against last month, the General Statistics Office (GSO) estimated.
The October results brought the index's rise in the first 10 months of the year to 6.9 per cent. The processing and manufacturing sector, which comprises 70 per cent of the country's total industrial output, achieved an encouraging 8.4 per cent growth.
Most processing and manufacturing industries, except the cigarette industry, saw growth in the first 10 months of the year.
Several manufacturing industries reported high growth, including electronics, computers and optical equipment with 33.2 per cent; engine vehicles with 23.1 per cent, leather products and footwear with 20.8 per cent; and fibre with 18.7 per cent. The highest consumption was also seen in the above industries, with the highest growth rates being in electronics, computers and optical equipment with 33.1 per cent; engine vehicles with 15.5 per cent; and leather products and footwear with 23.4 per cent.
Experts also said that despite the 10-month growth, the nation's IIP remained equal to one-third of the growth seen a few years ago. They attributed this to low consumption and a high inventory index, which stood at 10.1 per cent and 10.9 per cent respectively.
Minister of Industry and Trade Vu Huy Hoang has forecast that the industrial production will continue to increase towards the end of the year, thanks to the rising demand for imported raw materials and equipment for domestic production.
Items of textiles and garments, footwear and electronic items and components have so far had stable export contracts, and the import demand for the products are also continuously rising, Hoang said.
However, Hoang added that businesses should prepare to face new challenges that might arise in the last months of the year, such as political instability in some export markets, rising trade barriers and low global economic recovery.
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