Vietnam industrial production grows 8.4% in Jan-Nov

Vietnam’s January-November index of industrial production (IIP) grew 8.4% year-on-year, extending the recovery of the sector after an 8.3% growth in January-October, according to the General Statistics Office (GSO).

On monthly basis, the IIP in November grew 2.3% from October and 8.9% from November 2023.

The 11-month figure outpaced the growth of 3% in 2020, 4.2% in 2021, 0.9% in 2023, and was the same as 8.4% in 2022.

The GSO elaborated the growth was driven by the manufacturing-processing sector going up 9.7%, electricity production and distribution up 10.2%, and water supply and waste-wastewater treatment up 9.6%.

Only the mining sector fell in the 11-month period, down 7.3%, pushing down the overall index by 1.2 percentage points.

Some sub-sectors with strong growth were plastics and plastic products with 25.6%, chemicals and chemical products with 24.7%, leather and leather products with 12.6%.

Some sub-sectors with a below-average performance were crude oil and natural gas going down 12.2%, beverage going up 0.8%, tobacco up 6.6%, and food up 7.7%.

Only three localities recorded worse year-on-year performances in January-November, namely the central province of Quang Ngai with negative 0.8% growth, the central province of Ha Tinh with negative 0.8%, and the Central Highlands province of Gia Lai with negative 3.5%.