Industrial production index up 9.4 percent in 2017
Vietnam’s industrial production index grew 9.4 percent in 2017, well above the growth of 7.4 percent in the previous year, driven by strong expansion in manufacturing-processing (14.5 percent).
Illustrative image (Source: VNA)Hanoi (VNA) – Vietnam’s industrial production index grew 9.4 percent in 2017, well above the growth of 7.4 percent in the previous year, driven by strong expansion in manufacturing-processing (14.5 percent).
According to the General Statistics Office of Vietnam (GSO), high increases were also seen in electricity production – distribution and water supply – waste management at 9.4 and 8.7 percent, respectively.
Only the mining sector saw an annual reduction of 7.1 percent.
Director of the GSO’s Industrial Statistics Department Pham Dinh Thuy said Vietnam’s industrial growth is mostly based on increases in the number of enterprises, capital, and labour, while productivity, quality, effectiveness, and competitiveness remain low.
Highest increases across sub-sectors were seen in the production of electronic-optical devices (32 percent), metals (17 percent), and rubber-plastics (14 percent).
In regard of localities, Bac Ninh topped the nation with a 37.2 percent growth in industrial production index, followed by Hai Phong (21.6 percent), Thai Nguyen (18.1 percent), and Binh Duong (11 percent).
GSO General Director Nguyen Bich Lam stressed that improvement of labour productivity is the top priority for industrial manufacturers in order to maintain growth.
As the country still has to depend on imports for production materials, due attention should be paid to support industries to reduce the dependence and curb trade deficit, he added.-VNA
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