The volume of inventories is expected to sharply decrease in the last months of this year, especially garments and textiles and footwear, heard an online meeting held by the Ministry of Industry and Trade (MIT).

Addressing the November 4 meeting in Hanoi , Nguyen Tien Vy, head of the Planning Department under the MIT, attributed the outlook to domestic exporters’ move to fulfil their orders.

The ministry’s statistics show that by October 1, shuttle-knitted fabric, cement, cement products and electronic components experienced a drastic drop in inventory indexes with 44.2 percent, 43.1 percent, 14 percent and 74.9 percent respectively.

Meanwhile, the inventory index of processing and manufacturing industries increased 9.7 percent over the same period last year.

According to the ministry, the index of industrial production (IIP) in October went up about 5.9 percent against the corresponding time last year, with processing and manufacturing sectors, 8.2 percent and power production and distribution, 9 percent.

Aquatic product processing and preservation, beer, fibre, ready-to-wear and cement sectors saw their indexes of industrial production up 16.5 percent, 15.1 percent, 39.2 percent, 37 percent and 13.3 percent.
However, the mining sector’s IIP fell by 2.8 percent last month, the ministry said.

During the January-October period, the IIP rose by around 5.4 percent over the same period last year, with processing and manufacturing sectors up 6.9 percent and power production and distribution up 8.6 percent.-VNA