Việt Nam’s industrial production hits four-year high

 

 

HÀ NỘI Việt Nam’s industrial production in the first nine months of this year rose by 9.6 per cent year on year, a four-year record, according to the General Statistics Office (GSO).

The manufacturing and processing sector led the industry sector and the whole economy with an expansion of 11.4 per cent, while mining grew slightly by 2.7 per cent after months of reduction.

Head of the GSO’s Industrial Statistics Department Phạm Đình Thúy said Việt Nam's manufacturing and processing sector had the highest growth rate among ASEAN nations.

“The domestic manufacturing and processing industry grew steadily over quarters, including 11.5 per cent, 10.9 per cent and 11.7 per cent in the first, second and third quarter, respectively, ”Thúy said.

Among industries, several sectors recorded year-on-year growth, including coke and refined petrol up 38 per cent, metallurgy 36 per cent and rubber and plastics 15 per cent.

Production of electronics, computers and optical products hiked by 6.3 per cent, lower than the 14.2 per cent growth a year ago, while production of cigarettes rose 4 per cent.

Crude oil was down 7 per cent, motorbikes 9.4 per cent, mobile phone spare parts 11.1 per cent and refined sugar 15.8 per cent.

In the first nine months of 2019, the consumption index of the manufacturing and processing sector rose by 9.5 per cent year on year.

Of which, some products had strong growth in consumption, such as coke and refined petroleum products (41.4 per cent), metal products (28.5 per cent) and rubber and plastic products (14.6 per cent).

The inventory rate in manufacturing and processing sector hit 72.1 per cent in the nine months, higher than the rate of 63.8 per cent in the same period last year, according to GSO.

However, Thúy said, the high rate was temporary due to high stockpiles in some major fields, including petrol production, automobile production, motorbike, transport means and metal manufacturing industries. - VNS