Industrial output rises 4.2% in first 5 months

A worker at Dong Ban Automobile Co assembles a car's chassis. The nation's industrial production index in the first five months of the year increased 4.2 per cent against the same period in 2011. — VNA/VNS Photo Danh Lam

HA NOI — The national index of industrial production in the first five months of this year increased 4.2 per cent against the same period last year, the Ministry of Planning and Investment reported at a meeting in Ha Noi yesterday.

The event was organised by the ministry with an aim to review the economy during the period.

This was the lowest growth in comparison with the same time over the past years. However, since the early months of this year, index growth had reflected positive performance, the ministry said.

Particularly, the indices of industrial production and processing have risen by 3.9 and 2.4 per cent respectively in the first two months, up 6.5 and 8.6 per cent in March as well as 7.5 and 9.3 per cent in April.

However, goods inventories were still high and went up 29.4 per cent over the corresponding period. Especially, storage levels of some commodities increased sharply, cement rising over 52 per cent, motor vehicles by 56.5 per cent and beer by 29 per cent.

In May, the number of newly established enterprises was 4,450 with a total registered capital at VND55 trillion (US$2.62 billion).

As a result, in the first five months, the figure of new companies came to 30,100 with a combined registered capital up to VND190 trillion ($9.05 billion), down 12.2 per cent in the number of enterprises and 3.6 per cent in capital in comparison with the corresponding time last year.

The ministry reported that Viet Nam had signed $2.1 billion of official development assistance (ODA) investment with foreign partners and had already disbursed $530 million.

Viet Nam also attracted $5.33 billion of foreign direct investment (FDI), equal to 68.2 per cent of the same period in 2011, while disbursement reaching $4.5 billion, approximately the same as last year.

Total State budget revenues during the period reached over VND291 trillion ($13.8 billion), making up 39.3 per cent of the total annual plan, an increase of 3 per cent over the same term last year.

To conclude, Deputy Minister of Planning and Investment Cao Viet Sinh said that though the economic situation was improving, it was still unstable.

Sinh said the ministry would pay special attention to domestic market progress while stimulating domestic consumption and reducing inventories.

He also said the Government would monitor interest rate policies flexibly so that enterprises would have easier access to commercial loans. — VNS