Vietnam’s Industrial Production Index (IIP) in the first half of 2023 grew by only 0.44% compared to the same period of the previous year due to lower orders, falling demand and rising prices. input costs, according to the General Statistics Office (OGE).
The office noted that in the period, the IIP of some key industries increased significantly on a year-on-year basis, such as coking and refined petroleum (13.2%), metal ore mining (11.5%), rubber and plastic (7.2%), tobacco (6.7%) and beverages (5.7%).
By contrast, the index for other sectors fell, such as wood processing and wood product manufacturing (7.7%), paper and paper product manufacturing (7.5%), and garment manufacturing clothing and motor vehicles (6.8%).
Retail sales of consumer goods and services in Vietnam increase by 10.9% in the first half
The OGE report also showed that the semi-annual IIP experienced annual increases in 48 provinces and central cities and decreases in another 15 across the country. Several localities achieved a relatively high increase in their indices thanks to the growth of the manufacturing and transformation industries, as well as the production and distribution of electricity.
By contrast, the index for other sectors fell, such as wood processing and wood product manufacturing (7.7%), paper and paper product manufacturing (7.5%), and garment manufacturing clothing and motor vehicles (6.8%).
In the first half of the year, the consumption index of the entire manufacturing and transformation industry decreased by 2.2% compared to the same period in 2022, while its average stock ratio was 83.1%, compared to the 78% registered the previous year. last year.
To further promote production, the Ministry of Industry and Commerce has asked the localities and sectors involved to complete their related industrial development projects, strategies and plans, and address the obstacles faced by enterprises.
Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article:https://en.vietnamplus.vn/index-of-industrial-production-up-0-44-in-six-months/255602.vnp
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