Industrial output creeps up in October

The national Index of Industrial Production (IIP) rose by 5.2 per cent in October, helping boost the Index for the first 10 months by 7 per cent over the same period last year, the General Statistics Office (GSO) has reported.

Vu Quang Ha, a statistician at the GSO, blamed the slow growth on domestic financial and monetary fluctuations, inflation and high interest rates.

The modest IPP increase was also reflected by growing stockpiles of products. As of October, the stockpile index has increased by 21 per cent compared with last year’s corresponding period.

During that period, the mining industry experienced a 0.7-per cent drop in industrial output while the manufacturing, gas and water sectors experienced growth rates of roughly only 10 per cent.

Among the main industries to record a year-on-year decrease in the first nine months, natural gas fell 9.4 per cent, electrical wire and cabling declined 20.9 per cent and shipbuilding was down 22 per cent.

However, some industrial products recorded significant growth including sugar, up 42.4 per cent; automobiles, up 19.9 per cent; cloth, up 15.1 per cent; fertiliser, up 14 per cent; and footwear, up 10.6 per cent.

During the January-October period, Hanoi and Ho Chi Minh City’s IPP surged 12.5 per cent and 12 per cent, respectively, against the same period last year. – VIR

Tags: Vietnam industries, Vietnam industry

Posted by VBN on Oct 31 2011. Filed under Economy News, Industry. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry