Industrial production index up 2.4 percent in January

The processing and manufacturing industry, which accounted for over 70 percent of total industrial output , witnessed a yearly IPI increase of 2.8 percent, contributing 2.6 percentage points to the industrial sector’s overall growth. Many industries also enjoyed a surge in IPI, such as metal ore mining (21.9 percent); production of prefabricated metal products (16.8 percent); leather and related products (12.3 percent); electrical equipment (11.5 percent); clothing production (11.4 percent); textiles (8.8 percent); and rubber and plastic products (8.1 percent).

Meanwhile, industrial products with drops in the index included beverage production (2.7 percent); production of drugs, pharmaceutical chemicals and medicinal herbs (3.6 percent); electronics, computers and optical products (5 percent); wood processing and products from wood and bamboo (5.1 percent); and crude oil and natural gas (9.7 percent).

Among key industrial products that posted high IPI increases in January were alumina (35.7 percent); bar and angle steel (30.3 percent); powdered milk (16.2 percent); NPK fertiliser (15.6 percent); monosodium glutamate (15.4 percent); processed seafood (13.8 percent), automobiles (11.7 percent) and fabric (8.7 percent). According to GSO General Director Nguyen Thi Huong, the national economy has recorded positive signs of recovery.

In order to promote production growth, the GSO suggested ministries, sectors and localities proactively develop plans for safe production and business in adaptation to the COVID-19 pandemic developments and in accordance with conditions of each locality and enterprise, especially at concentrated industrial zones, Huong said. The State Bank of Vietnam needs to have an appropriate credit policy so that credit institutions can support pandemic-hit businesses in resuming their production and business, she added.