Industry ramps up while inventories remain high

HA NOI — The industrial production index in the first eight months of this year reflected a better performance but inventory index was still rather high, reported the General Statistics Office (GSO) yesterday.

The industrial production index (IPI) increased by 4.1 per cent in August against the previous month. Consequently, the IPI rose by 4.7 per cent in the first eight months from the same period last year.

Some manufacturing sectors made great contributions to the index's positive growth. Notably, the ship-building industry skyrocketed 150 per cent and communication equipment production went up 64 per cent.

Production of spare parts for motorised vehicles also accelerated by 44 per cent. Electronic component manufacturing went up 29 per cent and crude oil exploitation was up 14 per cent.

Other manufacturing industries that saw positive growth included minerals, power and gas, water supply and sewage drainage.

However, according to the GSO, the inventory index of industrial products was still high. Particularly, the inventory index of fertiliser and plastic products in the first eight months increased by 81 per cent and 69 per cent respectively.

The inventory index of the battery sector grew 40 per cent, and the seafood and beer industries went up 35 and 29 per cent respectively.

The GSO experts said that production was better, but poor consumption did not improve, so enterprises would continue to face difficulties.

Therefore, besides preferential policies on commercial loans' interest rates, the Government and relevant State bodies should further bolster solutions to accelerate consumption and decrease inventories, they said. — VNS