Vietnam’s July industrial production up 3.9% against June

Vietnam’s index of industrial production (IIP) increased by 3.9% in July over the previous month and by 3.7% year-on-year, the General Statistics Office announced Saturday.

However, in the first seven months of the year, the index, which is based on growth rates of different industry groups, decreased 0.7% year-on-year due to prolonged economic headwinds and weak demand worldwide, the GSO report said. The index had expanded 8.6% year-on-year in the January-July period last year.

In the seven-month period this year, processing and manufacturing decreased by 1% year-on-year; electricity production and distribution increased by 1.4%; water supply, wastewater management and treatments increased by 6.3%; and mining decreased by 1.2%.

Total retail sales of consumer goods and services expanded 10.4% year-on-year to an estimated VND3,530 trillion ($149 billion).

The GSO estimated Vietnam’s total January-July exports and imports at $194.7 billion and $179.5 billion, down 10.6% and 17.1% year-on-year, respectively, for a trade surplus of $15.23 billion. In the same period last year, Vietnam’s trade surplus was $1.34 billion.

On average, the consumer price index (CPI) increased by 3.12% year-on-year in the first seven months of 2023.