Viet Nam's industrial production growth slows

Tuesday, Nov 01, 2016 09:21

Mazda cars being assembled at Vina Mazda factory in the central province of Quang Nam. — VNA/VNS Photo Danh Lam
HA NOI (Biz Hub) — Viet Nam's index of industrial production (IIP) rose by 7.2 per cent in the first 10 months of 2016, according to the General Statistics Office (GSO).

The increase was much lower than that of the same period last year (9.8 per cent) due to strong decline in ore mining (5.5 per cent).

In the first 10 months of last year, ore mining production saw an increase of nine per cent and crude oil and gas exploitation saw a reduction of 7.5 per cent, according to economists of GSO.

However, in the first 10 months, growth was seen in processing and manufacturing (10.7 per cent), metal production (17.7 per cent), garments and textile (16.7 per cent), electronics, optical products and computers (14.1 per cent), and electricity production and distribution (11.5 per cent).

Several industrial products registered low growth or a decline. Paper production rose 8.2 per cent, electricity was up 5.9 per cent, leather production and leather-related products increased 3.5 per cent and chemical production was up only 2.2 per cent. Meanwhile, crude oil exploitation saw a decline of 8.7 per cent to 12.7 million tonnes, NPK fertiliser production was down 9.9 per cent to 1.85 million tonnes and mobile phones slipped 9.7 per cent to over 170 million units.

According to GSO, consumption of industrial products reached 8.2 per cent in the first 10 months. It was much lower than the same period last year at 13.1 per cent.

It was also attributed to the lower growth of IIP in the first 10 months of this year at 7.2 per cent. — VNS

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