In April alone, the IIP slumped sharply by 13.3% over the previous month and by 10.5% over the same period last year which is also the first IIP decrease in April during the 2016-2020 period.
According to the GSO, complicated developments of the COVID-19 pandemic in the world have caused a shortage of imported raw materials for production, seriously affecting industrial production.
A number of sectors posted declining growth in the first four months of this year including the automobile sector down 23.8%, motorcycle production down 16.6%, beer production down 24.1%, wood processing and wood products down 8.8%, and others.
In the four-month period, Vietnam’s export revenue reached US$82.94 billion, up 4.7% over the same period last year.
However, export revenue in April fell sharply by 18.4% over the previous month due to the impact of the pandemic and the social distancing order in Vietnam and a number of foreign countries across the world.
15 types of goods posted four-month export revenue of over US$1 billion each, accounting for over 80% of total Vietnam’s export revenue. Some goods reporting high export revenue are phones and components with an revenue of US$16.2 billion, electronics, computers and components with an revenue of US$12.4 billion, and others.
The US remains the largest export market of Vietnam in the first four months of this year with an export turnover of US$20.3 billion, up 13.4% over the same period last year.
In the meantime, Vietnam’s import revenue in the first four months of this year reached US$79.89 billion, up 2.1% over the same period last year.
