Vietnam industrial production rises 14.2% in Jan-May: gso

Vietnam’s industrial production value is estimated to have risen 14.2% on year to VND343.6 trillion ($16.6 billion) in the first five months of this year, the General Statistics Office (GSO) data showed.

The foreign-invested sector recorded the highest production value of VND145.19 trillion during the five-month period, an increase of 16.9% on year.

The non-state sector produced VND124.63 trillion worth of goods, up 17.1% on year and the state-owned sector generated VND73.73 trillion, rising 5.2% on year.

In volume, water heater output is estimated to have surged 93.2% on year in Jan-May, followed by refined sugar, washing machines, and chemical paint with 43.2%, 30.4% and 24.3% respectively.

On the downside, truck production dropped the most with 30%, followed by refrigerator, and auto and tractor tire production with a fall of 15.4% and 9%, the GSO said.

In May, the production value is estimated at VND74.04 trillion, rising 14.2% on year.

Minister of Industry and Trade Vu Huy Hoang warned that increasing fuel and materials prices, as well as high interest rates would hinder industrial production during the second quarter of this year. Vietnam inflation stayed at 19.78% in May.

From June, the GSO will apply a new method for calculating the industrial development index – the Index of Industrial Production (IIP). (GSO May – GSO

Tags: Vietnam Industrial Production