Manufacturing, processing maintains strong growth in Q1
Vietnam’s industry grew 6.5 percent year on year in the first three months of 2020, with the manufacturing and processing sector expanding 9.45 percent and remaining as the main engine of the economic growth.
Illustrative photo. (Source: VNA)The three-month manufacturing and processing expansion was higher than 7.12 percent growth of last year’s Q1, but lower than 14.3 percent and 11.52 percent of 2018’s and 2019’s same period, respectively, according to the General Statistics Office of Vietnam (GSO).
Significant growth was reported in some other sectors, including metal production (30.9 percent), beverage production (16.9 percent), electric device manufacturing, and mining of metal ores (both 12.5 percent).
Sharp decline, by contrast, was seen in exploitation of crude oil and natural gas (13.7 percent), mining support services (17.5 percent), wastewater drainage and treatment (5.6 percent) among others.
The GSO pointed out several key industrial products that experienced high growth from January-March, such as rolled steel (54 percent), phone parts (47.9 percent), television sets of all type (30.9 percent), automobile (17.7 percent), and formula milk (17.5 percent).
It also recorded 22.5 percent increase in the industry’s inventory, with the highest level seen in manufacture of rubber-made products and plastics (91.6 percent), manufacture of coke and refined petroleum products (85.7 percent), and metal production (68.1 percent)./.
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