Industrial production index grows slightly in first quarter
The industrial production index rose 4.1% in the first quarter this year, lower than the figures of the same period of previous years, the General Statistics Office (GSO) has said.
Mining experienced a drop of 11.4% while manufacturing and engineering was up 8.3% and electricity production and distribution hiked 9.4%.
Ha Quang Tuyen, Director of the GSO’s National Account System Department attributed the modest growth to food manufacturing and processing, which account for 15% of the index, posting a 4.4% growth rate, a far cry from the 8.6% rate in 2016. The electronics sector saw its production value down by 1% due to Samsung Vietnam’s 38% manufacturing contraction.
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Industries that recorded high production value growth include metal (43.4%), prefabricated metal (14.3%); paper, paper products and apparel (11.6%), and apparel (11.4%). Meanwhile, crude oil and fuel, and coal mining were down 13.6% and 5.5%, respectively.
Significant expansion was seen in the manufacturing of several industrial items, including television (43.3%), rolled steel (32.2%), crude iron and steel (23.2%), urea (18.5%), fresh milk (12.7%), and chemical paint (12.1%).
Cities and provinces registering industrial production indexes higher than the average level include Hai Phong (17.2 percent), Thai Nguyen (12.5%), Danang (10.6%), Hai Duong (9.3%), Ho Chi Minh City (5.9%) and Hanoi (6%).
In the meantime, Can Tho, Quang Ninh, Ba Ria – Vung Tau, Bac Ninh and Quang Ngai ran a 3.3%-11.7% annual decrease in the index.
Inventories in manufacturing and engineering as of March 1 went up 12.5% year-on-year.
The employees of industrial firms rose 2.2% annually, with those working for State-owned and non-State enterprises down 1.7% and 0.1%, respectively, and for foreign-invested businesses up 4.4%.
