Many industrial production sectors see high growth

Monday, 2017-07-10 11:57:53
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The processing and manufacturing industry reports the highest growth rate at 10.5%
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NDO - The index of industrial production (IIP) in the first six months of this year was reported at a year-on-year increase of 6.2%, with the majority of industrial production sectors demonstrating high growth.

According to the General Statistics Office (GSO), the IIP in the first quarter of this year grew 4.3%, while the IIP in the second quarter rose sharply at 7.8%.

In particular, 17 out of 21 industrial production sectors posted higher growth in the second quarter in comparison with the first quarter.

The processing and manufacturing industry reported the highest growth rate at 10.5%, which in turn contributed 7.4 percentage points to the overall IIP growth.

The power production and distribution sector also surged by 8% and water supply and waste and wastewater treatment soared 7.8%.

Meanwhile, the mining industry decreased by 8.2% (mainly due to the reduction in the volume of crude oil and gas) therefore reducing the overall IIP by 1.8 percentage points.

The GSO also pointed out a number of industrial sectors reporting high IIP, in the first six months of 2017 compared to the same period in 2016, including metal production up by 33.8% and production of electronics products, computers and optical products up 15.3%.

Several industrial products saw high growth in the six months, namely television up 39.1% over the same period last year; laminated steel up 26.1%; crude iron and steel up 25.6% and fertilizer up 19.4%.

The inventory index of the processing and manufacturing industry, as of June 1, 2017, rose 10.2% when compared to the same period last year.

Ha Quang Tuyen, Director of the National Accounts Department under the GSO, said that Vietnam has a lot of room to achieve the set economic growth targets despite facing difficulties in industrial production in the remaining months of this year.

Tuyen noted that the processing and manufacturing industry will have many opportunities for further development, as several large steel projects are scheduled to begin operation by the end of this year.