Electronics has become a key industry of the northern province of Vinh Phuc as its production grew by 88 per cent in the first 10 months. — Photo itcnews

VINH PHUC (Biz Hub) — Electronics has become a key industry of the northern province of Vinh Phuc as its production grew by 88 per cent in the first 10 months of this year compared to the same period last year, making a large contribution to the provincial budget.

With the rise in both production scale and product quality, companies have a large amount of orders from the domestic and overseas partners, which helps increase the sector's production output and value, according to the provincial People's Committee.

According to reports from provincial statistics, the index of industrial production (IIP) of the province in October increased by 6.6 per cent from the previous month and 0.1 per cent over the same period last year.

The IIP of the first 10 months rose 2.7 per cent compared to the same period last year.

The provincial supporting industry for the manufacturing mechanics and electronics - information technology also developed.

Production of electronic components is expected to increase 125 per cent this year.

Manufacturing mechanics industry is expected to increase 9 per cent and electric and electronic industry is expected to increase 57 per cent per year.

The development of the industrial sector has made an important contribution to the export market.

Export businesses, especially exporters of components and electronic equipment have grown strongly.

According to local statistics, exports reached US$142 million in October, up 1.3 per cent over the previous month and 8 per cent over the same period last year.

The province's exports of the first 10 months reached $1.3 billion, up 12 per cent compared to the same period last year.

The main export items were electronic products ($481.6 million), means of transport and spare parts ($406.2 million), textiles and garments ($223.6 million) and tea ($19.8 million). — VNS