Industrial production index expansion slows in November
The Index of Industrial Production (IIP) in November saw its lowest rise since the beginning of 2019 at 5.4 per cent, mostly due to slowdowns in the mining and processing-manufacturing sectors, according to the General Statistics Office (GSO).
The IIP decreased by an estimated 1.6 per cent compared to the previous month.
The mining sector fell 5.3 per cent in November due to a 46.4 per cent reduction in production of coke and refined oil. Meanwhile, production of the processing-manufacturing sector rose 6.5 per cent thanks to a 2.1 per cent rise in electronic products, computers and optical products.
Electricity production and distribution enjoyed an increase of 7.5 per cent, while the water supply, waste and wastewater treatment sector expanded 6.3 per cent.
The GSO attributed the low growth of the IIP in November to Nghi Son Oil Refinery’s halting of operations for maintenance and low production of Samsung Bac Ninh and Thai Nguyen.
Meanwhile, the IIP for the first 11 months of 2019 expanded 9.3 per cent year-on-year, lower than the 10 per cent growth in the same period of 2018, with processing-manufacturing sector growing 10.6 per cent
According to the office, industrial products that enjoyed high growth in the 11-month period included crude steel and iron (37.5 per cent), petrol (23.9 per cent), steel bars (20.5 per cent), televisions (14.6 per cent), mobile phones (12.3 per cent), natural fabric (11.7 per cent), chemical paint (11.2 per cent), processed aquatic products (10.3 per cent), and electricity generation (9.5 per cent).
As of November 1, the total number of workers employed by industrial firms increased 1.5 per cent from a month before and 2.7 per cent compared to the same time last year.