Manufacturing, processing maintains strong growth in Q1
Vietnam’s industry grew 6.5% year on year in the first three months of 2020, with the manufacturing and processing sector expanding 9.45% and remaining as the main engine of the economic growth.
The three-month manufacturing and processing expansion was higher than 7.12% growth of last year’s Q1, but lower than 14.3% and 11.52% of 2018’s and 2019’s same period, respectively, according to the General Statistics Office of Vietnam (GSO).
Significant growth was reported in some other sectors, including metal production (30.9%), beverage production (16.9%), electric device manufacturing, and mining of metal ores (both 12.5%).
Sharp decline, by contrast, was seen in exploitation of crude oil and natural gas (13.7%), mining support services (17.5%), wastewater drainage and treatment (5.6%) among others.
The GSO pointed out several key industrial products that experienced high growth from January-March, such as rolled steel (54%), phone parts (47.9%), television sets of all type (30.9%), automobile (17.7%), and formula milk (17.5%).
It also recorded 22.5% increase in the industry’s inventory, with the highest level seen in manufacture of rubber-made products and plastics (91.6%), manufacture of coke and refined petroleum products (85.7%), and metal production (68.1%).