Vietnam Jan-Aug industrial production up 8.6%; mobile phone, beer outputs fall

By Tri Duc
Fri, September 6, 2024 | 11:37 am GMT+7

Vietnam’s January-August index of industrial production (IIP) grew 8.6% year-on-year, extending the recovery of the sector.

The growth was driven by the manufacturing sector (up 9.7%), electricity production and distribution (up 11.6%), and water supply and waste-wastewater treatment (up 7.8%), the General Statistics Office (GSO) reported Friday.

Only the mining sector fell in the eight-month period, by 6%.

The 8.6-percentage-point growth is an improvement from a fall of 0.2% in the same period of 2023, the GSO highlighted.

Automobile production in Quang Nam province, central Vietnam. Photo courtesy of Thaco.

Automobile production in Quang Nam province, central Vietnam. Photo courtesy of Thaco.

In manufacturing, the sub-sector of electronics, computers, and optical products recorded a growth rate of 9.8% in January-August, above the industry sector average.

Other sub-sectors with strong performances were plastics and plastic products with 29.5%, furniture with 21.6%, chemicals and chemicals products with 17.8%, and textile with 13.4%.

Some key sub-sectors with below-average performances were beverage with 0.5%, crude oil and natural gas exploitation with negative 11.2%, coal exploitation with negative 3.3%.

Some products reporting contraction in output were beer with 2.91 billion liters, down 3.7%; and mobile phones with 123.6 million devices, down 5.2%.

Two localities recorded worse year-on-year performances in January-August, namely the central province of Quang Ngai with negative 3.2% growth and the Central Highlands province of Gia Lai with negative 1.6%.

According to S&P Global, manufacturing activity in Vietnam continued to expand in August, extending its improving streak for a fifth month in a row, but at a slower pace, with further expansions in output and new orders.

Vietnam’s Manufacturing Purchasing Managers' Index (PMI) posted 52.4 in August, down from 54.7 in July but still signaling a solid monthly improvement in business conditions midway through the third quarter, it said.

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