Industrial production gains stable growth in seven months

15:36 | 06/08/2019 Industry

The index of industrial production (IIP) rose by 9.4 percent year-on-year in the first seven months of this year, according to the General Statistics Office (GSO).

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GSO statisticians said the nation’s IIP ensured a stable growth of more than 9 percent recorded since the beginning of this year.

The processing and manufacturing sector, which accounts for nearly 80 percent of domestic industrial production, reported a significant IIP increase of 10.7 percent – a highlight that led the growth of the whole sector, they said.

Meanwhile, the IIP growth of electricity production and distribution stood at 10 percent and that of water supply and waste treatment sector and mining sector reached 7.6 percent and 1.1 percent, respectively.

Industries achieving high production growth in the reviewed period included coke coal and refined mining products (48 percent), metal (40 percent), ore exploitation (17 percent), rubber and plastic production (16 percent) and motor vehicles (12 percent).

Some major industrial products with a strong IIP increase such as crude iron and steel (57 percent), petroleum (45 percent), television (24 percent), and liquefied petroleum gas (17 percent).

As of July 1, 2019, the number of labourers working for industrial enterprises nationwide marked a month-on-month rise of 1.3 percent and a year-on-year hike of 2 percent, according to the GSO.

Nikkei and IHS Markit said in the latest survey that Vietnam’s manufacturing production rose sharply in July.

According to the survey, the Vietnam Manufacturing Purchasing Managers' index (PMI) ticked up to 52.6 in July from 52.5 in June, signalling a further monthly improvement in business conditions.

Theo VNA