VN's industrial production increased by 2.9% in August
VN's industrial production increased by 2.9% in August
Việt Nam's industrial production index for the month of August increased by 2.9 per cent compared to the previous month and by 2.6 per cent compared to the same period last year, according to the General Statistics Office (GSO).
Workers at a Ford factory in northern Hải Dương Province. — VNA.VNS Photo |
Manufacturing and processing showed the largest gain of 3.5 per cent; electricity production and distribution sector 3.7 per cent; water supply, management of waste and wastewater treatment 1.8 per cent compared to the same period last year.
Meanwhile, the mining sector reported a decrease of 6.2 per cent compared to the same period last year.
During the first eight months of 2023, the Southeast Asian economy's IPI decreased by 0.4 per cent compared to the same period last year. Manufacturing and processing suffered a 0.6 per cent decrease; electricity production and distribution sector increased by 1.7 per cent per cent; the water supply, waste management, and wastewater treatment sector increased by 4.8 per cent; and the mining sector decreased by 2.5 per cent.
A number of industries have experienced robust growth since the beginning of the year including coal production, petroleum refining products increased by 9.9 per cent; tobacco product manufacturing increased by 8.6 per cent; rubber and plastic products manufacturing increased by 8.4 per cent; precast metal products (excluding machinery and equipment) increased by 7 per cent; metal ore mining increased by 6.5 per cent; chemical production and chemical product manufacturing increased by 5.6 per cent; and food processing increased by 5.4 per cent compared to the same period last year.
Meanwhile, electronic product manufacturing, computers, and optical products decreased by 3.9 per cent; machinery and equipment not classified elsewhere decreased by 4.1 per cent; non-metallic mineral product manufacturing decreased by 4.4 per cent; wood processing and wood, bamboo, and rattan product manufacturing, paper, and paper product manufacturing all decreased by 4.8 per cent; garment manufacturing decreased by 5.1 per cent; other transport equipment manufacturing decreased by 6 per cent; and motor vehicle manufacturing decreased by 6.5 per cent.
Some key industrial products also saw significant increases compared to the same period last year: sugar production increased by 34.9 per cent; mixed N.P.K fertiliser increased by 14.2 per cent; petroleum and oil increased by 10.1 per cent; TVs increased by 10 per cent; and chemical paints increased by 9.5 per cent. On the other hand, some products decreased compared to the same period last year: automobiles decreased by 20.4 per cent; mobile phones decreased by 17.7 per cent; steel bars and angles decreased by 15.5 per cent; and motorcycles decreased by 7.4 per cent.
Phí Thị Hương Nga, head of the Industrial and Construction Statistics Department at the General Statistics Office, said due to the country's openness in the global economy, the production and business activities of domestic enterprises, especially those in industries where Việt Nam has a competitive advantage (such as textiles, footwear, electronics), depend significantly on foreign demand.
Furthermore, companies that have been impacted by the COVID-19 pandemic for an extended period are facing increasing difficulties, especially in terms of capital shortages and difficulties in loan procedures. Additionally, their outputs (orders) have decreased compared to the previous year, inventory levels remain high, and many skilled workers are still on leave due to the pandemic and have not fully returned to work.
