From January-November the industrial sector recorded a turnover of VND631.9 trillion (US$37.2 billion), of which VND 256.8 trillion (US$15.1 billion) was earned by foreign-invested firms. Private firms recorded a turnover of VND222 trillion (US$13 billion) while state-owned companies contributed VND153.1 trillion (US$9 billion).

GSO says the rise in industrial production showed signs of recovery in the country’s economy after months of sluggishness due to the global economic crisis.

This is attributed to the Government’s measures to stimulate the economy such as preferential lending rates and a reduction in corporate income tax, they say. The growing demand for industrial products, particularly in the US, EU and ASEAN markets had also helped to boost domestic production, experts said.

The GSO says that a number of manufacturers achieved a high growth rate in the past 11 months. Sales of air-conditioners and fridges topped the list of products sold, with growth rates of 46.1 and 31.4 percent, respectively.

Steel, cement and footwear production also recorded increases of more than 18.5 percent.

Crude oil output in the reviewed period reached 15.2 million tonnes, up 13.5 percent over the same period last year, the GSO says.

However, the production of seafood, cotton, paper, ceramic tiles, televisions and domestically assembled was lower than the same period last year due to a fall off in consumer demand. The manufacture of adult clothing recorded the biggest drop, down 16.1 percent from a year ago.