Industrial production index surges by 9.7% in July

Tuesday, 2019-07-30 12:53:54
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The processing and manufacturing sector grows 10.7% year-on-year in the first seven months of 2019. (Illustrative image)
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NDO – Vietnam’s industrial production index (IIP) in July was estimated to expand by 5.9% from the previous month and 9.7% compared to the same period last year, according to the General Statistics Office (GSO).

The mining sector grew 4.4% year-on-year, while the processing and manufacturing industry increased 10.4%. The electricity production and distribution sector has expanded by 10.5% and water supply and waste treatment grew 7.4%.

The GSO also reported that the IIP witnessed a year-on-year increase of 9.4% in the first seven months of 2019, lower than the growth rate of 10.7% the same time last year, but higher than the 7.2% increase recorded in 2017 and 2016.

The processing and manufacturing sector remained the main driver of the surge, increasing 10.7% year-on-year and contributing 8.2 percentage points to the overall growth.

In addition, the mining sector grew 1.1%, contributing 0.2 percentage points, while the electricity production and distribution sector increased 10%, contributing 0.9 percentage points, and water supply and waste management grew 7.6%, contributing 0.1 percentage points.

Some major industrial products posted high production growth during the January-July period, including raw iron and steel (57.1%), gasoline (45.1%), television (23.9%), and liquefied petroleum gas (16.4%).

However, certain others only saw slight growth or even declined in IIP year-on-year, such as electronics, computers and optical products (up 3.2%); machinery and equipment repairs, maintenance and installation (up 2.9%); and tobacco production (up 1.5%).

The number of employees at industrial businesses, as of July 1, 2019, rose by 1.3% from the previous month and 1.9% compared to the same time last year.