Vietnam’s industrial production hits four-year high

Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year. (Photo: tinnhanhchungkhoan.vn)

Hanoi (VNS/VNA) – Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year, a four-year record, according to the General Statistics Office (GSO).

The manufacturing and processing sector led the industry sector and the whole economy with an expansion of 11.4 percent, while mining grew slightly by 2.7 percent after months of reduction.

Head of the GSO’s Industrial Statistics Department Pham Dinh Thuy said Vietnam’s manufacturing and processing sector had the highest growth rate among ASEAN nations.

“The domestic manufacturing and processing industry grew steadily over quarters, including 11.5 percent, 10.9 percent and 11.7 percent in the first, second and third quarters, respectively, ”Thuy said.

Among industries, several sectors recorded year-on-year growth, including coke and refined petrol up 38 percent, metallurgy 36 percent and rubber and plastics 15 percent.

Production of electronics, computers and optical products hiked by 6.3 percent, lower than the 14.2 percent growth a year ago, while production of cigarettes rose 4 percent.

Crude oil was down 7 percent, motorbikes 9.4 percent, mobile phone spare parts 11.1 percent and refined sugar 15.8 percent.

In the first nine months of 2019, the consumption index of the manufacturing and processing sector rose by 9.5 percent year on year.

Of which, some products had strong growth in consumption, such as coke and refined petroleum products (41.4 percent), metal products (28.5 percent) and rubber and plastic products (14.6 percent).

The inventory rate in manufacturing and processing sector hit 72.1 percent in the nine months, higher than the rate of 63.8 percent in the same period last year, according to GSO.

However, Thuy said, the high rate was temporary due to high stockpiles in some major fields, including petrol production, automobile production, motorbike, transport means and metal manufacturing industries./.

VNA