Industrial production index grows slightly in first quarter
The industrial production index rose 4.1 percent in the first quarter this year, lower than the figures of the same period of previous years, the General Statistics Office (GSO) has said.
Illustrative image (Source: VNA) Mining experienced a drop of 11.4 percent while manufacturing and engineering was up 8.3 percent and electricity production and distribution hiked 9.4 percent.
Ha Quang Tuyen, Director of the GSO’s National Account System Department attributed the modest growth to food manufacturing and processing, which account for 15 percent of the index, posting a 4.4 percent growth rate, a far cry from the 8.6 percent rate in 2016. The electronics sector saw its production value down by 1 percent due to Samsung Vietnam’s 38 percent manufacturing contraction.
Industries that recorded high production value growth include metal (43.4 percent), prefabricated metal (14.3 percent); paper, paper products and apparel (11.6 percent), and apparel (11.4 percent). Meanwhile, crude oil and fuel, and coal mining were down 13.6 percent and 5.5 percent, respectively.
Significant expansion was seen in the manufacturing of several industrial items, including television (43.3 percent), rolled steel (32.2 percent), crude iron and steel (23.2 percent), urea (18.5 percent), fresh milk (12.7 percent), and chemical paint (12.1 percent).
Cities and provinces registering industrial production indexes higher than the average level include Hai Phong (17.2 percent), Thai Nguyen (12.5 percent), Da Nang (10.6 percent), Hai Duong (9.3 percent), Ho Chi Minh City (5.9 percent) and Hanoi (6 percent).
In the meantime, Can Tho, Quang Ninh, Ba Ria – Vung Tau, Bac Ninh and Quang Ngai ran a 3.3-11.7 percent annual decrease in the index.
Inventories in manufacturing and engineering as of March 1 went up 12.5 percent year-on-year.
The employees of industrial firms rose 2.2 percent annually, with those working for State-owned and non-State enterprises down 1.7 percent and 0.1 percent, respectively, and for foreign-invested businesses up 4.4 percent-VNA
You should also see
World economy’s recovery drives Vietnam’s exports
With the recovery of the world market and increasing orders, Vietnam's import and export activities in the first quarter of 2024 prospered and achieved positive results.
See more
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
Business
Dak Lak firm pioneers in following EUDR in coffee production
The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing areas following the EU Deforestation Regulation (EUDR), it announced on April 25.
Business
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
