IIP grows 12.4 per cent in 10 months, highest since 2019

IIP grows 12.4 per cent in 10 months, highest since 2019

The index of industrial production (IIP) rose 12.4 per cent in the first 10 months of 2026, exceeding the 9.2 per cent growth recorded in the same period last year and marking the highest increase for the corresponding period over 2019-2026.

Source: National Statistics Office

According to the National Statistics Office under the Ministry of Finance, Vietnam's industrial production maintained its growth momentum in October, with the IIP estimated to have increased 2.3 per cent month on month and 15 per cent on-year.

By sector, manufacturing and processing continued to serve as the main growth driver, expanding 13 per cent over the 10-month period and contributing 10.2 percentage points to overall industrial growth.

Mining increased 7.1 per cent, contributing 1.1 percentage points, while electricity generation and distribution grew 10.6 per cent, contributing 1 percentage point. Water supply, waste and wastewater management and treatment rose 9.2 per cent, contributing 0.1 percentage point.

In October alone, the production indices of manufacturing and processing, and electricity generation and distribution both increased 15.7 per cent on-year. Water supply, waste and wastewater management and treatment grew 7.8 per cent, while mining rose 4.9 per cent.

Several two-digit industrial subsectors recorded strong growth during the first 10 months. Metal production led with an increase of 25.6 per cent, followed by beverage production at 17.5 per cent, the manufacture of electronic products, computers, and optical products at 15.2 per cent, motor vehicle manufacturing at 14.6 per cent, rubber and plastic products at 13.6 per cent, and food processing at 12.9 per cent.

Other subsectors also maintained double-digit growth, including the manufacture of other transport equipment, up 12.8 per cent; furniture production, up 12.5 per cent; other non-metallic mineral products, up 11.8 per cent; wood processing and the manufacture of products from wood, bamboo, and rattan, up 11.7 per cent; textiles, up 10.7 per cent; and fabricated metal products, up 10.1 per cent.

In contrast, the manufacture of leather and related products increased by just 4.3 per cent, while the extraction of hard coal and lignite declined 0.6 per cent.

The positive trend was also reflected in the output of several major industrial products. During the first 10 months, tablet production increased 36.6 per cent on-year, followed by motorcycles at 26.8 per cent, laptops at 25.9 per cent, automobiles at 25.1 per cent, and rolled steel at 24 per cent.

The output of steel bars and angles, as well as processed seafood, both rose 22.5 per cent. Other products recording strong growth included refined sugar, up 18.9 per cent; crude iron and steel, up 17 per cent; and beer, up 14.6 per cent.

However, production declined for several products, including monosodium glutamate, down 6.7 per cent; NPK compound fertiliser, down 6.3 per cent; televisions, down 5.1 per cent; and liquefied petroleum gas, down 4.9 per cent.

At the provincial level, industrial production increased in 33 localities during the 10-month period, while Son La recorded a decline of 5 per cent. Several localities posted particularly strong growth in manufacturing and processing, led by Ha Tinh with 41.1 per cent, followed by Quang Ninh at 34.2 per cent, Ninh Binh at 26.1 per cent, Nghe An at 25.8 per cent, Thai Nguyen at 23.3 per cent, and Bac Ninh at 20.5 per cent.

Alongside the expansion in production, employment in industrial enterprises also continued to improve. As of October 1, 2026, the number of employees working in industrial enterprises had increased 0.8 per cent compared with the previous month and 3.2 per cent on-year.

Employment in manufacturing and processing rose 0.9 per cent month on month and 3.4 per cent on-year. The corresponding increases in electricity generation and distribution were 0.2 per cent and 1.8 per cent, respectively.

Meanwhile, employment in water supply, waste and wastewater management and treatment increased 0.2 per cent from the previous month and 3.9 per cent from a year earlier. In the mining sector, employment edged up 0.1 per cent month on month but fell 2.3 per cent compared with the same period last year.

VIR