Industrial output rises 14.6% in two months

The nation’s industrial production was estimated at nearly VND131 trillion (US$6.24 billion) in the first two months of the year, a rise of 14.6 per cent over the same period last year, the General Statistics Office (GSO) announced last week.

Foreign directed investment (FDI) accounted for the largest proportion of the figure, reaching VND55.5 trillion ($2.6 billion) during the period, an increase of 16.6 per cent.

The domestic private sector gained nearly VND48.7 trillion ($2.32 billion), a surge of 17 per cent, while State-owned enterprises accounted for VND26.7 trillion ($1.273 billion), an increase of 7 per cent.

Footwear, paint, metal fabrication and cement were among industries to see substantial growth in the period, while the petroleum industry and truck manufacturing saw declines.

Consumer products performed particularly well during the period, climbing 16.5 per cent in January alone, according to GSO expert Do Quang Ha – growth that reflected rising consumer confidence during the lunar new year holiday shopping season.

In the post-holiday period, growth in industrial production once again slowed. HCM City’s industrial production was estimated at VND43 trillion ($2 billion) in February, a decline of 16.8 per cent from January’s level, although the figure represented a 19.6-per-cent increase over the same period last year. In the first two months combined, the city’s industrial production reached VND94.668 trillion ($4.3 billion), a rise of 13.9 per cent.

The private sector saw the strongest growth in the city during the period, increasing by 17.5 per cent, while the foreign-invested sector saw growth of 13.5 per cent and the State-owned sector 6.9 per cent.

Twenty-four out of 27 industrial sectors in HCM City saw increases, led by steel production, up 35.7 per cent; manufacturing, up 27.8 per cent; construction materials, up 22.4 per cent; and rubber products, up 19 per cent. — VNS

Tags: Vietnam industrial output