Industry prospers as agriculture suffers losses

Thursday, 2020-10-29 18:21:50
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Processing and manufacturing have been a highlight in a picture of flourishing industrial production in October.
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NDO – The effective control of COVID-19 has helped industrial production in October to flourish, however, natural disasters have created a lot of suffering for agricultural production, according to the General Statistics Office of Vietnam (GSO).

The latest statistics from the agency, announced on October 29. showed that thanks to the effective control of the epidemic, the Vietnamese economy has entered a ‘new normal’ state with industrial production this month witnessing a flourishing in industrial processing and manufacturing, with an increase of 8.3% over the same period last year.

The index of industrial production (IIP) in October is estimated to have increased by 3.6% from the previous month and by 5.4% from the same period last year, in which the mining industry fell sharply by 14.5%, electricity production and distribution was up 1%, and water supply and waste and wastewater management and treatment were up 9.9% over the same period last year.

Meanwhile, unfavourable weather this month and flooding has damaged some areas of crops, while sweeping away cattle and poultry and affecting aquaculture and fishing activities.

However, the price of pangasius in the month showed signs of an increase after nine consecutive months at low prices, while shrimp prices stabilised again as its export markets gradually recover.

According to the GSO, in October, natural disasters left 153 people dead or missing and 222 others injured, with total property damage amounted at VND2.7 trillion.

Damage from natural disasters is one of the main reasons that has caused the Consumer Price Index in October to increase by 0.09% over the previous month, according to the statistics agency. However, the figure is still the lowest increase in the 2016-2020 period.