Industrial production index in the first 10 months of 2024 compared to the same period last year increased in 59 localities and decreased in 04 localities nationwide.
Processing and manufacturing industry increased by 8.8% over the same period.
According to the latest report on the socio-economic situation in October and the first 10 months of the year announced by the General Statistics Office this morning, November 6, Industrial production in October continued its positive trend, with the industrial production index in October 2024 estimated to increase by 4.0% over the previous month and by 7.0% over the same period last year. In the first 10 months of 2024, the industrial production index for the entire industry is estimated to increase by 8.3% over the same period last year.
The report specifically stated that the index of industrial production (IIP) for the entire industry in October 2024 is estimated to increase by 4.0% compared to the previous month and by 7.0% compared to the same period last year. Of which, compared to the same period last year, the processing and manufacturing industry increased by 8.8%; the electricity production and distribution industry increased by 6.0%; water supply, waste and wastewater management and treatment activities increased by 6.9%; the mining industry alone decreased by 10.4%.
In the first 10 months of 2024, IIP is estimated to increase by 8.3% over the same period last year (increased by 0.5% in the same period in 2023). Of which, the processing and manufacturing industry increased by 9.6% (increased by 0.5% in the same period in 2023), contributing 8.3 percentage points to the overall growth; the electricity production and distribution industry increased by 10.3%, contributing 0.9 percentage points; the water supply, waste and wastewater management and treatment industry increased by 9.5%, contributing 0.2 percentage points; the mining industry alone decreased by 7.2%, reducing the overall growth by 1.1 percentage points.
Notably, the production index in the first 10 months of 2024 of some key secondary industries increased sharply compared to the same period last year: Production of rubber and plastic products increased by 26.3%; production of beds, cabinets, tables and chairs increased by 24.8%; production of coke and refined petroleum products increased by 16.0%; production of chemicals and chemical products increased by 14.6%; production of motor vehicles increased by 14.0%; textiles increased by 12.1%; production of products from prefabricated metal (except machinery and equipment) increased by 11.9%; production of leather and related products increased by 11.4%; production of electronic products, computers and optical products increased by 8.8%; food processing increased by 7.5%.
On the contrary, the IIP index of some industries increased slightly or decreased: Production of other means of transport increased by 3.0%; beverage production increased by 0.9%; crude oil and natural gas exploitation decreased by 11.8%; hard coal and lignite mining decreased by 5.9%; repair, maintenance and installation of machinery and equipment decreased by 3.9%; production of other non-metallic mineral products decreased by 0.4%.
The report also showed positive signs when the industrial production index in the first 10 months of 2024 compared to the same period last year increased in 59 localities and decreased in 04 localities nationwide. Some localities had a fairly high increase in the IIP index due to the high growth of the processing and manufacturing industry; electricity production and distribution industry; and mining industry. "On the contrary, some localities have low or decreasing IIP index due to low or decreasing growth in processing and manufacturing industry and electricity production and distribution industry" - the report of the General Statistics Office pointed out.
Some key industrial products in the first 10 months of 2024 increased compared to the same period last year: Steel bars and angle steel increased by 21.8%; gasoline increased by 17.6%; rolled steel increased by 16.4%; automobiles increased by 15.8%; natural fiber woven fabrics increased by 15.0%; diameter increased by 14.5%; powdered milk increased by 12.8%; NPK mixed fertilizer increased by 11.5%. On the contrary, some products decreased compared to the same period last year: Gaseous natural gas decreased by 17.3%; LPG liquefied gas decreased by 14.6%; coal (clean coal) decreased by 5.9%; crude oil decreased by 5.8%; mobile phones decreased by 5.6%; beer decreased by 2.6%; alumina decreased by 1.9%.
Maintain growth rate, focus on the last months of the year
Previously, according to S&P Global, the Vietnam Manufacturing Purchasing Managers' Index (PMI) rose sharply to 51.2 points in October, surpassing the 50-point threshold after suffering disruptions caused by Typhoon Yagi in September 2024. Business conditions have strengthened in 6 of the past 7 months.
Mr. Andrew Harker - Chief Economist at S&P Global Market Intelligence - commented: “October data showed a recovery, supported by rising new orders and businesses expanding production. However, some companies were still affected by the storm, which limited growth .”
According to analysts, the continued rise in domestic production shows that Vietnam is entering a period of good growth in the last months of this year and has favorable factors to promote the development of industrial production. A recently released report by the World Bank forecasts that Vietnam's economic growth will reach 6.1% in 2024, higher than 5% in 2023, then will increase to 6.5% in 2025 and 2026.
To "concentrate" on industrial production in the last months of the year, economic experts say that strong measures are needed to accelerate the disbursement of public investment capital, thereby stimulating demand and building infrastructure to serve production.
Along with that, Ministry of Industry and Trade Continue to cooperate with FDI enterprises, large domestic and foreign industrial production enterprises and international organizations to promote linkages with domestic enterprises and enhance the capacity of domestic suppliers, creating conditions for supporting industrial enterprises to participate in the global value chain.
At the same time, speed up the progress of basic construction work to build facilities to form Industrial Development Support Centers in the North and South, playing a role in supporting innovation and improving production capacity for enterprises in priority supporting industries in key economic regions.
Toward Department of Industry (Ministry of Industry and Trade) will continue to proactively and effectively implement business support policies approved by the Government to remove difficulties and obstacles in production and business activities of enterprises; promote the operation of new industrial production projects to serve export and domestic consumption, creating more capacity for production development and goods sources for export.
Providing more solutions for industrial development in the coming time, the Department of Industry emphasized that it is necessary to gradually remove difficulties for businesses to increase competitiveness, build technical barriers for imported products to support domestic products, increase the localization rate...
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