Industrial production increased in 56 localities

The industrial production index in the first two months of 2024 compared to the same period last year increased in 56 localities and decreased in 7 localities nationwide.

Industrial production index in the first two months of 2024 increased in 56 localities across the country.

Regarding information on industrial production in February and the first two months of 2024, the General Statistics Office said that the industrial production index in February 2024 is estimated to decrease by 18% compared to the previous month due to the Lunar New Year holiday falling entirely in February.

Compared to the same period last year, industrial production in February 2024 decreased by 6.8%. In the first two months of 2024, the industrial production index of the whole industry increased by 5.7% compared to the same period last year.

In the first two months of 2024, IIP is estimated to increase by 5.7% over the same period last year (the same period in 2023 decreased by 2.9%). The mining industry decreased by 3.5% (the same period in 2023 decreased by 2.4%); the processing and manufacturing industry increased by 5.9% (the same period in 2023 decreased by 3.1%), and the electricity production and distribution industry increased by 12.2% (the same period in 2023 decreased by 2.6%).

The industrial production index (IIP) in February 2024 compared to the previous month of some localities with large industrial scale decreased sharply, including: Vinh Long decreased by 27.2%; Hai Duong decreased by 25.5%; Ho Chi Minh City decreased by 24.3%; Binh Duong decreased by 24.1%; Hanoi decreased by 20.3%; Dong Nai decreased by 19.6%; Tra Vinh decreased by 17.5%; Long An decreased by 13.7%; Ba Ria - Vung Tau decreased by 11.7%.

IIP index growth/decrease rate in the first 2 months of the years 2020-2024
compared to the same period last year of some key industries.

	2020	2021		2022		2023		2024
Crude oil and natural gas extraction	-7.8	-9.9	-3.4		-3.1		-9.4
Food processing and manufacturing	5.2	3.3	6.2		1.2		5.8
Beverage production	-6.8	13.4	1.5		12.7		-6.6
Weaving	6.6	5.0	5.3		-9.9		17.6
Production of coke, petroleum products refined	10.8	-3.7	-12.7		21.6		25.3
Production of chemicals and chemical products	4.1	5.1	-0.3		-2.0		27.7
Production of drugs, pharmaceutical chemicals and pharmaceutical materials	19.8	4.9	5.0		6.5		23.2
Manufacture of rubber and plastic products	3.8	7.6	-16.5		9.6		24.3
Manufacturing of mineral products other non-metals	-0.2	7.7	8.4		-10.7		0.6

On the other hand, the IIP index of some industries decreased compared to the same period last year: Repair, maintenance and installation of machinery and equipment decreased by 21.8%; crude oil and natural gas exploitation decreased by 9.4%; beverage production decreased by 6.6%; production of electronic products, computers and optical products decreased by 2.6%; production of other means of transport decreased by 0.8%.

According to the report, the industrial production index in the first two months of 2024 Compared to the same period last year, it increased in 56 localities and decreased in 7 localities nationwide.

Some localities have a fairly high IIP index due to the high growth of the processing and manufacturing industry; the electricity production and distribution industry.

Some key industrial products in the first two months of 2024 increased compared to the same period last year, including: Gasoline increased by 44.7%; NPK mixed fertilizer increased by 29%; rolled steel increased by 24.1%; chemical paint increased by 22.4%; diameter increased by 21.1%; natural fiber woven fabric increased by 20.8%; steel bars and angle steel increased by 18.6%; milk powder increased by 15.3%; electricity production increased by 12.1%.

Meanwhile, some products decreased compared to the same period last year: Phone components decreased by 20.8%; natural gas decreased by 16.1%; televisions decreased by 13.7%; beer decreased by 11.5%; cars decreased by 9.8%; iron and crude steel decreased by 8.6%; mobile phones decreased by 6.7%.

The number of employees working in industrial enterprises as of February 1, 2024 increased by 0.3% compared to the same period last month and decreased by 0.5% compared to the same period last year.

Notably, the labor force in the State-owned enterprise sector remained unchanged compared to the previous month and decreased by 0.1% compared to the same period last year; non-State enterprises decreased by 0.1% and 2.2%; foreign-invested enterprises increased by 0.5% and 0.4%.

By industry, the number of employees working in mining enterprises decreased by 0.2% compared to the same period last month and increased by 0.9% compared to the same period last year; the processing and manufacturing industry increased by 0.3% and decreased by 0.7%; the electricity, gas, hot water, steam and air conditioning production and distribution industry remained unchanged and increased by 0.5%; the water supply, waste and wastewater management and treatment industry increased by 0.1% and increased by 1.8%.

Source