Industrial production sees growth trend hinh anh 1Steel production at Thai Nguyen Iron and Steel JSC. (Source: VNA)

The industrial production index will continue to grow and is expected to rise around 10 percent this year, as heard at the Ministry of Industry and Trade’s conference on October 5.

The industrial value is also expected to increase by 7-7.5 percent, contributing to realising the GDP growth target of 6.3 percent, said the Ministry.

Deputy Minister Tran Tuan Anh said growth in a number of sectors such as garment-textiles, footwear and electronic spare-parts has helped promote production.

According to a report of the ministry’s Planning Department, the index rose 9.8 percent in the first nine months against the same period last year.

Director of the Planning Department Nguyen Tien Vy attributed the upward trend to a surge in a number of key sectors, such as the processing and manufacturing sector rising by 10.2 percent, the mining sector by 8.2 percent and the electricity production and distribution by 11.4 percent.

Other industrial products have seen a remarkable surge over the reviewed period, such as electricity production up 12.3 percent, steel processing by 20.1 percent, television sets by 45.5 percent, mobile phones by 50.4 percent, and automobiles by 55.3.

The same trend has also been seen in the consumption of the processing and manufacturing sector, up 13.2 percent against the same period last year, Vy said.

The inventory level increased 9.9 percent annually, lower than the growth rate from the year prior, according to the report.

According to the Electricity of Vietnam (EVN), the commercial electricity output hit 106 billion kWh, up 12 percent from the same period last year.

Deputy Director General of the the Vietnam National Oil and Gas Group (PVN) Nguyen Hung Dung said the oil and gas exploitation output exceeded 21.6 million tonnes, including 13.8 million tonnes of crude oil, up 9 percent from the same period last year.

The group earned 123 trillion VND (5.5 billion USD), contributing roughly 89 trillion VND (3.97 billion USD) to the State budget.

The Ministry will boost industrial production restructuring with the enhanced application of technologies to realise the sector’s targets, Vy said.

Efforts will be focused on administrative reforms and business climate improvements to facilitate the production and exports while focusing on market expansion and the enhancement of human and financial resources, he said.

For his part, Deputy Minister Anh called for incentives to lure foreign investment, improving domestic production and encouraging domestic enterprises to enter the global value chain.-VNA