Industrial production grows by 6.7%
Vietnam's index of industrial production (IIP) experienced a year-on-year increase of 6.7% from January to September 2014, the highest growth rate since the beginning of this year.
The General Statistics Office (GSO) also reported that during the nine-month period, the processing and manufacturing sector, which accounted for 70% of total industrial output, achieved an encouraging 8.3% growth.
Industrial products recording the highest growth included telephone handsets with 72.3%; electronics, computers and optical equipment with 35.9%; leather products and footwear with 31.3%; and electrical output with 13.1%.
Products with lower growth rates include crude oil and steel at only 3.2% each; chemicals at 3%; and pharmaceuticals at 0.9%. Products seeing decline include sugar, (25.6%); and powdered milk (23.3%).
In spite of the nine-month growth, the nation's IIP remained equal to one-third of the growth seen a few years ago, GSO experts said. They attributed this to low consumption and a high inventory index, which stood at 11.6%.
The industry and trade sector in 28 northern cities and provinces will strive to achieve an IIP of VND2.17 quadrillion (more than US$102 billion) this year. Achievement of this target will lead to a 22.5% year-on-year increase.
The cities and provinces, including Lao Cai, Ha Giang, Lang Son and Bac Giang, as well as Thai Binh, Hanoi and Hai Phong, crafted 12 specific solutions to meet the target, including accelerating the construction of infrastructure projects and industrial zones; enhancing the application of information and technology in resolving administrative procedures; and strengthening the association among provinces.