Vietnam’s industrial production index up 7.8% in 2022

Vietnam’s index of industrial production (IIP) in 2022 went up 7.8% year-on-year, with a growth of 6.8% recorded in Q1, 9.8% in Q2, 10.9% in Q3, and 3% in Q4.

The country's IIP recorded a 1% fall in December from the previous month, due to a lack of orders, high input material prices, and a shortage of input materials, according to the General Statistics Office.

Sectors with impressive growth in 2022 were beverage with 32.3% year-on-year (beer 35.3%); medicine, pharmaceutical chemistry and herbs (19.2%); machinery production (19.1%); wood and wooden products (17.2%).

Others posting good growth included processed seafoods (15.7%), phone parts (15.1%), cars (14.9%), and motorbikes (9.9%).

Two sectors posting most negative growth are rubber and plastics products (minus 6.6%), and metal production (minus 2.5%).

Negative growths were also recorded at crude oil exploitation (1.3%), fisheries feed (3.8%), raw steel and metal (12.3%), and mobile phones (9.1%).

In the year, the best IIP growth belonged to the northern province of Bac Giang with 31.5%, followed by Can Tho city with 29.6%, and Vinh Long province with 24.9%, both in the Mekong Delta.

The worst was recorded in the south-central province of Binh Thuan with 1.3%, the central province of Ha Tinh with minus 16.5%, and the Mekong Delta province of Tra Vinh with minus 24.1%.

Vietnam's economy expanded by 8.02% in 2022, much higher than the 2.58% recorded last year during the height of the pandemic. This is the fastest growth recorded from 2011-2022. The performance is also higher than the government’s official target of 6.0%-6.5%.