Landmark August industrial figures

Industrial production continued to grow this August contributing importantly to achieving the general goals for the country.

Statistics by the Ministry of Industry and Trade revealed that industrial production amounted to some VND69,500 billion in August, a 1.6% increase from the previous month and a 15.2% increase from a year ago. The value for the first eight months was VND504,200 billion, a 13.7% increase from the same months last year. The impressive growth resulted from the stable increases across the board including the state sector growing 9%, the non-state sector up 12.7%, and the foreign invested sector up the highest 17.3%.

Experts said that growth would continue to increase in all economic sectors showing that the Vietnamese economy continued to develop in a stable manner.

Specifically, power supply improved significantly in August due to the rapid increase in water intake into hydropower plants in the north. Power production amounted to 8.1 billion kWh in August and 60.1 billion kWh in the first eight months of this year, 14.7% more than in the same months last year. Power consumed in the industry-construction sector increased 19.3% accounting for 51% of total power consumption.

Petroleum extraction in oil basins was fairly stable in August. Specifically, crude oil production hit 1.28 million tonnes, 3.3% higher than in July. Gas exploitation was about 0.76 billion cu.m in August and 6.16 billion cu.m over the first eight months of the year, a 16.3% increase from a year ago. Liquefied petroleum gas (PLG) production increased more than doubled. Gasoline and oil production was 3.34 million tonnes (of this 3.1 million tonnes came from the Dung Quat Oil Refinery), eight times more than in the same months last year. So far, 49 oil wells have been drilled for exploration, of which 43 are in Vietnam and 6 are overseas. In August a new source was discovered in the Su Tu Nau (Brown Lion) Oilfield.

Together with the energy sector that has grown to keep up with the market demand, the mining industry has also increased rapidly, with zinc bar output climbing 42%, tin bars up 28%, iron ore up 2.1 times, refined iron ore up 68%, and silver up 2.4 times.

To steel industry has worked hard to prepare for the construction season at the end of the year. Steel production was about 0.44 million tonnes this August, a 7.2% increase against a year ago, and 3.4 million tonnes in the first eight months of this year, a 0.5% increase from the same time last year. Iron-steel exports in particular soared in August, to 0.8 million tonnes, three times that a year ago. Most exports were cold rolled steel and steel pipes that saw a high demand in the markets such as the US and Cambodia.

The textile-garment industry continued to grow fairly quickly in August. Despite the insignificant increase in the price of materials from July to August (cotton fiber increasing 4.6%, and synthetic/artificial fiber increasing 5.4%), garment production increased notably (garments for adults increased 18.5%). Textile and garment exports came to US$6.9 billion in the first eight months of this year, up 17.8% the same months in 2009.

Given the equal growth in most major industries, the industrial sector has made stable progress contributing to achieving the general goals for the economy in 2010. – VEN

Tags: Vietnam industries, Vietnam industry