Continuing the upward trend from the end of 2023, industrial production in the third quarter of 2024 grew more positively than the previous quarter with an estimated added value of 9.59% over the same period in 2023, the highest level since 2012 (only after the 9.93% increase in the third quarter of 2017).
In the first 9 months, the added value of the entire industrial sector is estimated to increase by 8.34% over the same period in 2023, contributing 2.71 percentage points to the growth rate of total added value of the entire economy, promoting its role as a growth driver.
According to experts, the positive results of industrial production partly come from the export market on the rise, with manufacturers receiving many new orders for the final months of the year. The manufacturing industry has recovered strongly thanks to increased international demand after the global supply chain improved, helping the industry regain its important role as a driving force for economic growth in the first 9 months of 2024.
Broad-based growth
After storm number 3 (storm Yagi) After the storm landed, many industries such as mining or electricity production and distribution suffered heavy damage, but the production activities of processing and manufacturing enterprises were not much affected thanks to the strong direction of local authorities in ensuring quick resolution of power outages and early restoration of power supply to enterprises. In addition, enterprises also had proactive plans to prevent storms, overcome post-storm damage and reorganize production, work overtime to compensate for the amount of finished products damaged by the storm, overcome production downtime, and ensure delivery progress according to signed contracts.
Many other positive factors also drive industry growth. processing and manufacturing industry For example, garment and footwear enterprises have taken advantage of foreign markets; electrical and electronic enterprises have increased production volume due to many export orders;... All these factors have helped the processing and manufacturing industry continue to have strong growth, clearly demonstrating its role as the main driving force for growth in the third quarter, offsetting the decline in the agriculture, forestry and fishery sectors.
According to the Ministry of Industry and Trade, the consumption index of the entire processing and manufacturing industry in the first 9 months increased by 12.5% compared to the same period in 2023 (the same period in 2023 increased by only 0.6%). Meanwhile, the inventory index of the entire processing and manufacturing industry as of September 30 is estimated to have increased by 5.2% compared to the same period last month and increased by only 8.5% compared to the same period last year (the same period last year increased by 19.4%).
At the same time, the average inventory ratio of the entire processing and manufacturing industry in the first 9 months of 2024 was 76.8% (the average level in the first 9 months of 2023 was 85.3%), demonstrating a positive recovery in production and consumption of products. Industrial production also increased widely when the industrial production index (IIP) in the first 9 months increased in 60/63 localities. Some localities had a fairly high double-digit increase in IIP thanks to the processing and manufacturing industry or the electricity production and distribution industry (IIP of Lai Chau increased by 43.3%; Tra Vinh increased by 41.9%; Phu Tho increased by 38.7%; Khanh Hoa increased by 36.4%; Bac Giang increased by 27.7%; Son La increased by 27.3%; Thanh Hoa increased by 20.4%;...).
Removing difficulties, stabilizing and developing production
Entering the fourth quarter of 2024, the General Statistics Office assessed that Vietnam's economy continues to face many difficulties and challenges, and is affected by risks and instabilities in the world regarding economics, politics, natural disasters, epidemics, etc. Director of the Department of Industrial and Construction Statistics (General Statistics Office) Phi Huong Nga said: In order for the processing and manufacturing industry to continue to play an important role and be the growth engine of the economy, all levels and sectors need to synchronously implement solutions to support industrial production, remove difficulties, stabilize and develop production.
Accordingly, due to the high price of crude oil and gas in the world, increasing logistics costs and the impact of input materials, businesses are in dire need of support to overcome difficulties. The Government, all levels and sectors need to promote the disbursement of support packages for businesses in a timely and effective manner, creating favorable conditions for businesses to borrow preferential loans quickly and conveniently; simplify administrative procedures, quickly disburse public investment, create conditions to promote production activities, solve employment and income of workers.
Functional units need to strengthen the prevention of smuggled goods, fight against transfer pricing, and label fraud; at the same time, promote and promote domestic consumption policies, stimulate domestic consumption "Vietnamese people consume Vietnamese goods".
The Ministry of Industry and Trade said it will continue to focus on removing difficulties and obstacles and supporting businesses to restore production and business, especially those affected by storm No. 3; putting large, important industrial projects into operation to increase production capacity. The Ministry will actively advise on summarizing mechanisms and policies on international economic integration, especially the implementation of policies to attract FDI in the industrial sector.
From there, propose appropriate solutions to encourage and bind FDI enterprises to spread, share, and substantially support domestic enterprises to promote technology transfer, develop management skills, form supply chains of materials, raw materials and industry clusters, and improve the competitiveness of Vietnamese enterprises to gradually participate in the global production and supply chain.
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