Vietnam’s industrial production up 7.5%
Vietnam's index of industrial production (IIP) from January to November 2014 increased by 7.5% year-on-year, according to the General Statistics Office (GSO).
Significant industrial production growth measuring 11.1% in November fuelled the index's positive rise in the first 11 months of the year.
GSO experts said the processing and manufacturing sector, which made up 76% of the country's total industrial output, had a tendency to increase towards the year-end. The sector achieved an encouraging month-on-month production growth of 11% in November and a year-on-year increase of 8.6% in 11 months.
Several industrial products recorded high growth, including handsets at 60%, automobiles at 28.3%, steel at 24.2% and leather and footwear at 20%, as well as cloth at 15.8% and electricity at 12.3%.
Other products, however, recorded lower growth such as crude oil at 1.7% and coal at 0.4%. Some products recorded industrial production declines such as motorcycles by 10%, liquid petroleum gas by 7.6% and powdered milk by 7.2%.
From January to November, the inventory index rose by 10.2% year-on-year. Major industries showing higher levels of inventory included pharmaceuticals at 155.4%, chemicals at 118.1%, food processing at 96% and metal production at 87.8%.
GSO experts predicted that the inventory index would likely fall next month because of an anticipated rise in domestic consumption.