Vietnam’s Jan-Oct industrial production grows 8.3%

Vietnam’s January-October index of industrial production (IIP) grew 8.3% year-on-year, extending the recovery of the sector, backed by a 4% increase from September to October, the General Statistics Office (GSO) said.

The result outpaced the 0.5% recorded in January-October 2023, the GSO highlighted. It was better than 2.6% in 2020 and 3.8% in 2021, two peak years of the Covid-19 pandemic; and lower than 8.9% in 2022, the post-pandemic year.

In its monthly report released Wednesday, the GSO said for the 10-month period, the IIP was driven by the manufacturing sector with a 9.6% hike, electricity production and distribution with 10.3%, and water supply and waste-wastewater treatment with 9.5%.

Only the mining sector fell in the 10-month period, down 7.2%, pushing down the overall index by 1.1 percentage points.

Some sub-sectors with strong growth were plastics and plastic products with 26.3%, chemicals and chemical products with 14.6%, leather and leather products with 11.4%.

Some sub-sectors with below-average performances were beverage going up 0.9% only, crude oil and natural gas going down 11.8%, tobacco up 6.1%, and food with 7.5%.

Three localities recorded worse year-on-year performances in January-October, namely the central province of Quang Ngai with negative 1.6% growth, the central province of Ha Tinh with negative 1.4%, and the Central Highlands province of Gia Lai with negative 1.6%.