According to the Ministry of Industry and Trade, the IIP increase in October was the highest since April 2023.
In October, the manufacturing and processing industry rose by 4.9%, electricity production and distribution went up by 5.6%, and water supply and waste and wastewater treatment grew by 5.2%, over the corresponding period in 2022. Meanwhile, the mining industry fell by 5.7%, against the same period last year.
Vietnam’s IIP in the ten months of this year posted a slight increase of 0.5% over the same period in 2022, due to the global economic decline, particularly in the early months of this year.
During the ten months, the manufacturing and processing industry expanded by 0.5%, while electricity production and distribution rose by 2.6%.
The 10-month production of several industrial products grew strongly compared to the same period last year, including rubber and plastic up 9.5%, tobacco products up 9.1%, prefabricated metal products (except machinery and equipment) up 8.7%, metal ore exploitation up 6.3%, and food products up 6.1%.
Some industries reported a reduction in production, such as motor vehicle production down 4.1%, crude oil and natural gas exploitation down 4%, and non-metallic mineral products down 3.7%.
