Industrial production index inches up 0.3% in November

By Tri Duc
Tue, November 29, 2022 | 5:02 pm GMT+7

Vietnam’s index of industrial production (IIP) rose 0.3% in November from October, a slow pace due to companies' lack of orders, high input costs and shortage of materials, according to the General Statistics Office.

The IIP rose 3% in October, 1.8% in September, and 2.9% in August against the previous month.

The 11-month IIP increased 8.6% year-on-year. Photo courtesy of the Industry and Trade newspaper.

The 11-month IIP increased 8.6% year-on-year. Photo courtesy of the Industry and Trade newspaper.

The industrial hubs of Bac Ninh in the north and Binh Duong in the south recorded IIP at negative 0.5% and negative 0.8%. The worst performance was the southern province of Vinh Long with negative 6.7%.

Top results belonged to Long An province in the south with 11%; Vinh Phuc, Quang Ninh, and Hai Phong in the north with 10.7%, 7.9%, and 6%, respectively.

The mining sector grew 5.1% in November, followed by the water supply, waste and wastewater treatment with 1.1%, and the manufacturing and processing sector with 0.1%. Electricity production and distribution was negative 2%.

In the first 11 months of the year, the IIP increased 8.6% year-on-year, driven by the processing and manufacturing sector with a growth of 8.9%, or 6.8 percentage points to the overall growth; the mining sector with 6.5% (one percentage point); and electricity production and distribution with 7.7% (0.7 percentage points).

The best performing sectors in the period were beverage with a year-on-year growth of 31%, medicine and pharmaceuticals with 18.8%, wood processing (18.4%), leather processing and leather products (16.7%).

Vietnam recorded 137,764 newly licensed firms and 56,935 businesses resuming operation in the 11-month period, up 30.4% and 40.5%, respectively.

The new firms had a total registered capital of VND1,484 trillion ($59.98 billion) and employed 908,970 people, up 2% and 15.9%, respectively.

The service sector attracted 102,082 new businesses with registered capital of VND1,046 trillion ($42.28 billion), followed by construction and industry (33,851 firms, VND397.46 trillion); and the agriculture, forestry, and fisheries (1,831 companies, VND40.4 trillion).

Meanwhile, 70,220 companies suspended activities and 16,848 others completed their dissolution, up 34.8% and 13.3% year-on-year, respectively, or 87,068 players leaving the market in January-November.

Vietnam’s consumer price index (CPI) in November rose 4.56% from December 2021 and 4.37% year-on-year, reflecting rising inflationary pressure, driven by hikes in gasoline prices and housing rent.

Higher gasoline prices contributed to the increase of 2.23% in the transportation sector, or 0.22 percentage points to the CPI. Education, restaurant service, and telecommunications sectors recorded negative figures of 0.63%, 0.07%, and 0.02%.

On average, the CPI in the first 11 months of the year increased by 3.02% over the same period last year. Meanwhile, core inflation, which reflects price changes without volatile commodities like food and energy, increased by 2.38%.

In November, the country’s total retail sales and service revenue reached VND514.1 trillion ($20.78 billion), up 17.5% year-on-year.

The January-November figures increased 20.5% year-on-year to VND5,181 trillion ($209.44 billion). In particular, tourism revenue nearly quadrupled to VND22.9 trillion ($925.81 million).

Comments (0)
  • Read More
Thailand, Australia boost ties in transport, logistics

Thailand, Australia boost ties in transport, logistics

Thailand and Australia are seeking to strengthen cooperation in transport infrastructure and carbon emission reduction in the logistics sector.

Southeast Asia - Mon, February 17, 2025 | 8:20 pm GMT+7

China surpasses US as biggest importer of Vietnamese shrimp

China surpasses US as biggest importer of Vietnamese shrimp

China imported $834 million worth of Vietnamese shrimp last year, surpassing the U.S. to become the largest buyer of this item from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Economy - Mon, February 17, 2025 | 7:51 pm GMT+7

Malaysia, S Korea resume FTA talks

Malaysia, S Korea resume FTA talks

Malaysia and South Korea are set to hold their seventh round of negotiations for a bilateral free trade agreement (FTA) as they look to expand their trade portfolio and strengthen cooperation, according to the latter's Ministry of Trade, Industry and Energy.

Southeast Asia - Mon, February 17, 2025 | 5:23 pm GMT+7

Indonesia to launch new sovereign wealth fund this month

Indonesia to launch new sovereign wealth fund this month

Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.

Southeast Asia - Mon, February 17, 2025 | 5:19 pm GMT+7

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Hong Kong-invested Thanh Hoa Billion Union Textile kicked off the construction of a $70 million factory in Vietnam’s central province of Thanh Hoa on Monday.

Industries - Mon, February 17, 2025 | 5:04 pm GMT+7

Vietnam’s construction ministry plans real estate exchanges for improved transparency

Vietnam’s construction ministry plans real estate exchanges for improved transparency

The Vietnamese Ministry of Construction is advancing a plan to establish real estate exchanges, similar to the stock market, in a bid to enhance transparency and efficiency in property transactions.

Real Estate - Mon, February 17, 2025 | 4:57 pm GMT+7

Vietnam plans to increase electricity imports from China, Laos by 2030

Vietnam plans to increase electricity imports from China, Laos by 2030

The Vietnamese Ministry of Industry and Trade (MoIT) aims to raise electricity imports from China and Laos by 3,000 MW and 2,500 MW by 2030, over 5 times and nearly 1.6 times higher than those stated in the current Power Development Plan VIII (PDP VIII), respectively.

Energy - Mon, February 17, 2025 | 4:14 pm GMT+7

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Türkiye-based IC ICTAS, the lead contractor of the passenger terminal within the under-construction Long Thanh International Airport, should speed up the construction of the package, said Vietnamese Deputy Prime Minister Tran Hong Ha.

Infrastructure - Mon, February 17, 2025 | 3:27 pm GMT+7

Vietnam tech giant FPT to provide high-quality AI human resources

Vietnam tech giant FPT to provide high-quality AI human resources

With the groundbreaking of an inter-level school on Sunday, FPT Corporation is completing its education system from elementary to university levels in the south-central province of Binh Dinh, to provide high-quality human resources, particularly in AI.

Companies - Mon, February 17, 2025 | 11:32 am GMT+7

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

SMC Manufacturing Vietnam, under Japanese pneumatic instrument producer SMC, aims to start its $330 million expansion in Vietnam from July.

Industries - Mon, February 17, 2025 | 10:47 am GMT+7

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

At a meeting of the National Assembly's Economic Committee in early February, the government proposed the 2025 GDP growth be "8% or more", instead of 6.5-7% set last November. The Investor introduces opinions of some leading Vietnamese economists on this proposed target.

Economy - Mon, February 17, 2025 | 8:02 am GMT+7

Vietnam consumer credit enters new growth cycle

Vietnam consumer credit enters new growth cycle

After the decrease in consumer capital demand, negative growth, and peaking bad debts in 2023, Vietnam’s consumer financial market is entering a new growth cycle, backed by positive signs from the macroeconomic environment.

Finance - Sun, February 16, 2025 | 3:19 pm GMT+7

Vietnam property investors seek new opportunities in provincial markets

Vietnam property investors seek new opportunities in provincial markets

Real estate investors in Vietnam, both individuals and organizations, are shifting their investments from city centers to suburban regions and neighboring provinces where land remains abundant and significant investments are being made in infrastructure, particularly in transportation.

Real Estate - Sun, February 16, 2025 | 2:00 pm GMT+7

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Booking.com, the world's leading digital travel company, has suggested some destinations in Vietnam for those seeking spiritual enrichment and a chance for reflection and connection, including Ba Den mountain and Bai Dinh pagoda.

Travel - Sun, February 16, 2025 | 10:59 am GMT+7

Malaysia takes the lead in data center development

Malaysia takes the lead in data center development

Malaysia is making efforts to align with the global trend towards digitalization, which is driving demand for data centers, cloud computing, blockchain, and artificial intelligence (AI).

Southeast Asia - Sun, February 16, 2025 | 10:57 am GMT+7

WB sees Thai fiscal risks mounting due to spending surge

WB sees Thai fiscal risks mounting due to spending surge

Thailand’s pursuit of an expansionary fiscal policy strategy to propel growth faces the risk of rising costs for elderly care, investment and the need to keep public debt level to sustainable levels, according to the World Bank.

Southeast Asia - Sun, February 16, 2025 | 10:41 am GMT+7