Vietnam industrial production index rises 9% in Jan-Oct

Vietnam’s Index of Industrial Production (IIP) rose 9% in the first 10 months of the year and 6.3% in October year-on-year, driven by manufacturing and processing, mining, and electricity production and distribution.

In January-October, the processing and manufacturing sector's growth reached 9.6%, accounting for 7.4 percentage points of the overall IIP growth, followed by the mining sector with 5% and 0.8 percentage points, respectively, according to the General Statistics Office.

The next is the electricity production and distribution sector with 7.8% and 0.7 percentage points.

The highest growths were recorded in industries of beverage production with 31.5%; textiles with 19.2%; leather and leather products with 17.7%; and medicine and pharmaceuticals with 17.7%.

A total 61 out of 63 localities recorded positive industrial growth in the first 10 months, except for the central province of Ha Tinh with negative 15.6%, and the southern province of Tra Vinh with negative 25%.

The northern province of Bac Giang, the southern city of Can Tho, and the southern province of Vinh Long recorded the most impressive industrial growth with 39.8%, 31.9%, and 29.1%, respectively.

The number of laborers in the industrial sector increased by 10.2% year-on-year in October, driven by the foreign-invested sector with 13.2%. The increases in the public sector and private sector were below average, at negative 6.9% and positive 4.8%, respectively.

Between January and October, 178,485 firms entered and 122,135 ones left the market.

Vietnam licensed 125,821 new firms in the first 10 months, up 34.3% year-on-year, including 13,030 in October, up 58.3%, amid the country’s post-Covid-19 recovery.

The new firms employed 834,982 people in the 10-month period, up 18%. The total registered capital of those businesses reached VND1,379 trillion ($55.49 billion) up 5.7%.

Vietnam also recorded 52,664 businesses resuming operation in January-October, up 49%.

In total, the country saw 178,485 firms entering the market in the period, up 38.3% year-on-year.

However, there were 66,401 firms suspending activities temporarily, 40,308 others suspending activities and waiting for dissolution, and 15,426 completing dissolution procedures, up 36.9%, 11.5%, and 13.4%, respectively. Overall, 122,135 companies left the market in the period, up 25.8% year-on-year.