Viet Nam’s IIP records encouraging growth in 2018
Viet Nam’s IIP records encouraging growth in 2018
The nation’s index of industrial production (IIP) in 2018 experienced an encouraging increase of 10.2 per cent over the previous year, the General Statistics Office (GSO) said.
The growth was fuelled by the processing and manufacturing industry, which rose by 12.3 per cent year-on-year, GSO head Nguyen Bich Lam told a recent conference in Ha Noi.
The national IIP had lessened its dependence on the mining sector, which saw reductions for three consecutive years, Lam said, noting the sector’s industrial production recorded a 2 per cent decline in 2018.
Lam said two other sectors – electric production and distribution and water supply and waste treatment – rose 10.3 per cent and 6.7 per cent, respectively.
Several sectors recorded IIP surges including petroleum refining (66 per cent); metal manufacturing (25 per cent); chemical and pharmaceutical production (20 per cent); motor vehicles (17 per cent); paper (14 per cent); textile and garments (13 per cent); and electronics, computer and optical products (11.3 per cent).
Some others posted modest IIP growth including rubber production, crude oil and natural gas exploitation.
According to the GSO, the consumption index of the processing and manufacturing industry in 2018 rose 12.5 per cent year-on-year – compared to 10.2 per cent growth in 2017 – while its average inventory index was 64.4 per cent, the lowest level over the past three years.
The central province of Ha Tinh led the nation with the strongest IIP growth of 89 per cent during the year, mainly thanks to the Taiwanese Hung Nghiep Formosa Ha Tinh Steel Company. Meanwhile, Nghi Son oil refinery helped the central province of Thanh Hoa rank the second, with its IIP rising by 35 per cent.
Other localities with high IIPs were the northern port city of Hai Phong at 25 per cent and the three northern provinces of Vinh Phuc, Thai Nguyen and Hai Duong at 15 per cent, 12 per cent and 10.2 per cent, respectively.
Meanwhile, the country’s two main economic hubs of HCM City and Ha Noi lagged behind with respective IIP growths of 8 per cent and 7.5 per cent.
