Vietnam's nine-month industrial production grows 8.6%

Vietnam’s Jan-Sept index of industrial production (IIP) grew 8.6% year-on-year, extending the recovery of the sector, but the September index fell 0.2% from August.

In its monthly report released on Sunday, the General Statistics Office (GSO) said the year-on-year growth was driven by the manufacturing sector (up 9.9%), electricity production and distribution (up 11.1%), and water supply and waste-wastewater treatment (up 9.9%).

Only the mining sector fell in the nine-month period, down 6.4%.

The 8.6% IIP growth in Jan-Sept was better than a 0.3% growth in the same period of 2023. The 8.6% rate is the same as that in Jan-Aug.

In terms of monthly change, the latest time that the IIP went down was in Jan and Feb 2024. Jan, Feb, and Sept are the months impacted by national holidays.

For the manufacturing-processing sector, in the first nine months of this year, some sub-sectors with strong growth were plastics and plastic products with 28.8%, furniture with 24.7%, and chemicals and chemical products with 16.9%.

Some sub-sectors with below-average performances were beverage going up 0.4% only, beer going down 2.3%, tobacco growing 6.2%.

Three localities recorded worse year-on-year performances in Jan-Sept, namely the central province of Quang Ngai with negative 2.4% growth, the central province of Ha Tinh with negative 0.6%, and the Central Highlands province of Gia Lai with negative 0.2%.