Industrial production sees strong recovery

Vietnam’s industrial production growth has showed good signs of recovery so far this year with October’s index rising nearly 3.4 percent over the previous month and 8.8 percent year-on-year, revealed Deputy Minister of Industry and Trade Do Thang Hai on November 2.

The average index of industrial production (IIP) in the first 10 months of this year increased 9.7 percent over the same period last year and remained higher than those of the last two years, he said.

In the reviewed period, the electricity and manufacturing sectors posted an IIP growth of 11.5 percent and 10 percent, respectively, while the mining and liquid and solid waste treatment sectors saw successive rises of 8.4 percent and 7.4 percent.

Electronics, computers and optical product production sectors also experienced high growth.

Meanwhile, the IIP of the coal mining sector rose only slightly by 5.2 percent while that of cigarette production was 2.7 percent and garment manufacturing was 5.1 percent, noted Hai.

Ho Chi Minh City is one of the leading localities with strong industrial production recovery with an IIP increase of 13.9 percent in October and 14 percent in the first 10 months of the year.

Nguyen Phuong Dong, Deputy Head of the municipal Industry and Trade Department, said the results reflected the effectiveness of the city’s efforts to remove difficulties for businesses.

Currently, the city is focusing on disbursing a credit package supporting small and medium-sized enterprises to develop support industries, he said.

Deputy Minister of Industry and Trade Do Thang Hai also asked localities to continue assisting businesses and roll out stronger measures to boost industrial production to fulfil the country’s yearly targets.-VNA