Vietnam’s industrial production up 7.2%

Monday, 2016-08-01 12:13:19
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NDO/VNA - Vietnam’s index of industrial production (IIP) in the first seven months of this year rose 7.2% year-on-year, the General Statistics Office (GSO) announced.

The growth rate was lower than the 10% registered during the same period last year.

The manufacturing sector, which accounts for more than 70% of the total value of the industrial sector, grew 9.9% in the first seven months, electricity production and distribution saw an increase of 11.6%, while the mineral industry decreased 2.7%.

Economists from GSO said the low growth rate was due to the decline in product consumption as the consumption index in June increased by only 0.7% over May, while May’s consumption index grew 5.2% over April.

Industrial products saw high growth, such as television which rose 79%, rolled steel at 23.5%, automobiles increased 22% and animal feed jumped 19.7%, in addition to cement that rose 15.7% and liquefied petroleum gas (LPG) by 14.8%.

Meanwhile, industrial output of motorbikes and leather and footwear fell 1.2% and 1.3%, respectively, while sugar, crude oil and mobile phones declined 5.5%, 6.8% and 8.5%, respectively.

Provinces where the IIP saw the highest growth were Binh Duong at 8.5%; Dong Nai at eight%; Hai Phong at 16%; and Da Nang at 11.5%; besides Bac Ninh at 9.7%; HCM City at 7.1%; and Hanoi at 6.8%.