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).

Many silver linings were seen in Vietnam’s economy last month like high industrial production index, export revenue up more than 10% and curbed inflation.

Vietnam’s industrial production index (IPI) in January rose by 2.4% year-on-year, the General Statistics Office (GSO) reported.

The Ministry of Industry and Trade (MoIT) has said this year it will closely coordinate with several foreign multinationals like Samsung and Toyota to connect with local suppliers of materials and accessories, in an effort to seek alternative supply for imports in both short and long terms.

Industrial production firms in Ho Chi Minh City have not yet showed signals of recovery due to the COVID-19 pandemic.

Businesses are bearing severe impacts from COVID-19 developments and social distancing campaigns.

VOV.VN - Vietnam’s index of industrial production saw a decrease of 4.2% in August compared to July, and a 7.4% drop year on year due to the negative impact of the COVID-19 pandemic.

Despite struggling to cope with a COVID-19 resurgence, Ho Chi Minh City managed to achieve positive economic growth in the first seven months of the year, according to the city Statistics Office.

According to the General Statistic Office, in the first 5 months of this year, the industrial production index of Vietnam increased over the same period in 2020 despite the complicated developments of the COVID-19 pandemic.

Vietnam’s growth prospects will depend on how well and how quickly the authorities will bring the new coronavirus outbreak under control and how quickly international and national vaccinations will proceed, according to the World Bank (WB).