Labour productivity needs a boost
Labour productivity needs a boost
Manufacturing enterprises should implement breakthrough solutions to improve productivity of labour, raising the industrial production index of the nation in 2018, Nguyen Bich Lam, director of the General Statistics Office (GSO), said.
In addition, management agencies, ministries and local authorities would continue to reform their institutions and create a favourable business environment for enterprises, he said.
Lam also said since the domestic economy depends on many sources of imported materials, therefore, to limit trade deficit in the future, Viet Nam needs to promote the development of the processing and manufacturing industry.
Further, the nation needs to pay attention to gradually reducing the trade deficit of the economy, especially reduction of the trade deficit in the service sector, he said.
The GSO reported that in 2017, although production of the mining sector was down sharply against 2016, national industrial production continued its strong growth due to contribution of the manufacturing and processing industry’s growth in production. This industry accounted for a large part of the national industrial production.
In 2017, the national industrial production index increased by 9.4 per cent compared with 2016, much higher than the year-on-year growth rate of 7.4 per cent in 2016.
Last year, the processing and manufacturing industry saw the highest production growth rate at 14.5 per cent year-on-year over the past six years, contributing the maximum to the national industrial production growth.
The industry of electricity production and distribution increased by 9.4 per cent in terms of production and the industry of water supply and waste treatment saw year-on-year growth of 8.7 per cent in production. Meanwhile, production of the ore mining industry decreased 7.1 per cent year-on-year.
Pham Dinh Thuy, head of GSO Department of Industrial Statistics, said Viet Nam’s industrial production growth is still based on growth in the number of enterprises, investment capital and labor force, while productivity, quality, efficiency and competitiveness have not increased.
In 2017, some industries witnessed an increase in production index, including production of electronics, computers and optical products (up 32 per cent), metal production (up 17 per cent), production of rubber and plastic products (up 14 per cent) and production of textiles, paper and paper products (up 10 per cent).
