Industrial production index rises again in May

Tuesday, 2020-06-02 16:07:43
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The IIP for the first five months of this year rose by 1%, the lowest level over many years. (Illustrative image)
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NDO - The index of industrial production (IIP) increased by 11.2% in May compared to the previous month although it still decreased by 3.1% over the same period in 2019 in the context that Vietnam has taken control of the COVID-19 pandemic, the General Statistics Office (GSO) has announced.

The IIP rose by 1% across the first five months of this year the lowest level for many years. The IIP for the first five months of 2019 expanded by 9.5%.

In the five-month period, the manufacturing industry posted a growth of 2.2% (the same period in 2019 saw a 10.9% increase), electricity production and distribution recorded an expansion of 2.6%, and water supply and waste treatment saw a growth of 2.9%.

Meanwhile, the mining sector decreased by 8.1%.

According to the GSO, the complicated developments of the COVID-19 pandemic around the world has disruptedthe supply chain of raw materials, thus, seriously affecting industrial production.

Some key industrial products suffered sharp decreases in the five-month period including the production of automobiles (down 26.9%), sugar (down 25.4%), beer (down 24.5%), motorbike (down 15.6%), and others.

However, several industrial products reported high growth including phone components (up 18.1%), steel (up 12.1%), fertilizer (up 11.3%) and gasoline (up 10.7%).

The number of employees working in industrial businesses as of May 1, 2020 edged up by 0.9% compared to the previous month but fell by 1.7% compared to the same period last year.