The industrial production index (IIP) increased 6.7 percent year-on-year in May, placing total growth for the first five months at 5.2 percent.

This represented an improvement over the first quarter, but still dragged behind last year’s growth, according to the General Statistics Office.

Still, the office’s economic specialist Vu Quang Ha said that the move showed industrial production was rallying after its recent slump.

Manufacturing and processing which accounted for over 70 percent of all industrial production expanded 5.5 percent in the first five months. But last year, they grew 6.3 percent.

Some products in these areas saw significant growth, such as cited metals (up 15.3 percent), leather (up 14.7 percent, paper and paper products (up 12.7 percent) and beverages (up 11.8 percent).

But several major products did not grow and some even declined. Textile fabric rose only 5.5 percent, crude oil increased a scant 3.3 percent and raw iron and steel were down 7 percent.

The consumption index increased 5.7 percent year on-year as of May, while the inventory index, though gradually declining, remained high at 12.3 percent.

The invention index went up significantly for many major products, such as computers and electronics and optical goods (up 46.8 percent), electric devices (up 26.3 percent) and furniture (up 32.2 percent).

According to statistics office experts, the index was not showing signs do easing, with inventories of produced goods a 74 percent in April and nearly 77 percent in the first four months. The secure level is regarded as 65 percent.-VNA