Industrial production up 6.7%

Monday, Sep 29, 2014 08:20

Metal parts are produced at a foreign-invested company in northern Vinh Phuc Province. The processing and manufacturing sector achieved encouraging 8.3-per cent growth in nine months. — VNA/VNS Photo Danh Lam
HA NOI (Biz Hub) — Viet Nam's index of industrial production (IIP) experienced a year-on-year increase of 6.7 per cent from January to September 2014, the highest growth rate since the beginning of this year.

The General Statistics Office (GSO) also reported that during the nine-month period, the processing and manufacturing sector, which accounted for 70 per cent of total industrial output, achieved an encouraging 8.3-per cent growth.

Industrial products recording the highest growth included handsets with 72.3 per cent; electronics, computers and optical equipment with 35.9 per cent; leather products and footwear with 31.3 per cent; and electrical output with 13.1 per cent.

Products with lower growth rates include crude oil and steel at only 3.2 per cent each; chemicals at three per cent; and pharmaceuticals at 0.9 per cent. Products with declining rates include sugar, which fell by 25.6 per cent; and powdered milk, by 23.3 per cent.

In spite of the nine-month growth, the nation's IIP remained equal to one-third of the growth seen a few years ago, GSO experts said. They attributed this to low consumption and a high inventory index, which stood at 11.6 per cent.

The industry and trade sector in 28 northern cities and provinces will strive to achieve an IIP of VND2.17 quadrillion (more than US$102 billion) this year. Achievement of this target will lead to a 22.5-per cent year-on-year increase.

The cities and provinces, including Lao Cai, Ha Giang, Lang Son and Bac Giang, as well as Thai Binh, Ha Noi and Hai Phong, crafted 12 specific solutions to meet the target, including accelerating the construction of infrastructure projects and industrial zones; enhancing the application of information and technology in resolving administrative procedures; and strengthening the association among provinces. — VNS

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