Index of industrial production enjoys impressive growth

The index of industrial production (IIP) in the first 11 months of 2022 is estimated to increase by 8.6% year-on-year, doubling the 4.2% of the same period last year.

According to the General Statistics Office (GSO), in the reviewed period, the processing and manufacturing industry grew by 8.9%, contributing 6.8 percentage points to the overall growth; electricity production and distribution by 7.7%, contributing 0.7 percentage point; water supply, waste, and wastewater treatment and management activities by 7.1%, contributing 0.1 percentage point; and the mining industry by 6.5%, contributing 1 percentage point to the overall increase.

In the contrary, the IIP of several industries recorded decreases, including manufacturing of rubber and plastics products (7%), and manufacturing of basic metals (2.6%).

According to the GSO report, 61 provinces and cities saw rises in the 11-month IIP, with the highest recorded by Bac Giang (38.3%), Can Tho (37.8%) and Vinh Long (28.8%).