Industrial production index up 8.5% in February
Vietnam's index of industrial production (IIP) in February rose by 8.5% year-on-year, marking the fourth consecutive monthly increase, according to the Ministry of Industry and Trade (MoIT).
The processing and manufacturing industry, which accounted for over 70% of total industrial output, still played a main driver of the growth.
The ministry said the resumption of supply chains in key industries in the first quarter has helped remove bottlenecks in the manufacturing supply chain.
According to Tim Leelahaphan, economist for Vietnam and Thailand at Standard Chartered Bank, Vietnam’s manufacturing activities have proved resilient to shocks after reopening.
The MoIT said it is necessary to ensure the sufficient supply of raw materials and energy to create momentum for, and meet the needs of production and business recovery and socio-economic development in coming months.
Attention should be also paid to resolving difficulties facing key industrial projects, and factories to help them maintain and recover gradually their production activities, it added.