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VN industrial production slows to 3.9%

Update: February, 28/2012 - 10:15

HA NOI — The national industrial production growth rate decreased to only 3.9 per cent in the first two months of the year against 12.3 per cent in 2011 due to economic slowdown, according to the General Statistics Office.

The GSO affirmed that the industrial sector had been facing difficulties on the market and in production.

Consumption of Viet Nam-made products shrunk due to the economic crisis, affecting many import markets the GSO said, adding that the consumption index of the industrial sector decreased 17 per cent, resulting in an inventory index of 17.4 per cent.

Accelerating input costs, due to material price hikes and high interest rates, also hindered industrial growth, the GSO added.

The manufacturing and processing industry, which accounts for more than 70 per cent of the country's total industrial production value, surged only 2.4 per cent in January-February compared to 18.2 per cent in 2011 and 18.8 per cent in 2010.

Electric cable and line production decreased by nearly 20 per cent while paper and packaging production fell by 18.8 per cent. The steel, fertiliser, textile and pottery industries reported declines of between 7.5 and 14 per cent.

Despite these declines, the shipbuilding, vegetable and fruit processing, dairy, and medicine-chemical production industries saw sharp increases, contributing to a slight growth in industrial production.

The shipbuilding industry surged up to 203.5 per cent in the first two months against the same period last year, followed by the vegetable and fruit processing industry up 42.7 per cent and dairy production, seafood processing and motorbike production, ranging between 11.5 and 18.3 per cent. — VNS

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