IIP rose 5.1% in last four months
In the first four months of this year, the national index of industrial production (IIP) increased 5.1% year-on-year, the General Statistics Office (GSO) reported.
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That metric was far below the growth recorded in the same period in 2016 but higher than the increase of 4.2% in the first quarter of 2017, GSO’s economic experts said.
In the January-April period, the processing and manufacturing sector’s production surged 9.2% and the water supply and waste treatment industry was up 6.3%, while mining fell 9.7%.
A number of sectors enjoyed a surge in IIP, including metal production (47.5%), metal product manufacturing (13.3%), weaving (12.5%) and engine vehicle production (10.9%).
Meanwhile, the industries of food production and processing, medicine and pharmaceutical chemistry, electronic, computer and optical product production witnessed slight IIP increases at 6.4, 4.5 and 4.2%, respectively.
According to GSO, in April, the national IIP was estimated to rise 7.4%. This index of the mining sector saw a drop of 5.6%, while that of the processing and manufacturing industry rose 11.1%. Electronic production and distribution was up 9.9% and the group of water supply and waste treatment increased 6.5%.
The northern city of Haiphong led the country in IIP growth with 20.4%, followed by Thai Nguyen with 17.7%; Danang, 12.1%; Hai Duong, nine per cent; Binh Duong, eight per cent; and Dong Nai, 7.4%. This indexes of HCM City and Hanoi rose 7.1% and 5.9%, respectively.
GSO said to continue growth in industrial production in the future, the industrial sector should increase the index of consuming products to reduce inventory because the inventory index of the sector in the first four months witnessed a year-on-year surge of 12.7%.
Sectors with higher inventory than the country’s average included engine vehicle production at 158.9%, metal production at 54.5%, beverage production at 45.4%, cement production at 39.7% and paper and paper product production at 32.8%.
