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Industrial production rises 12 per cent at start of 2015

Update: March, 02/2015 - 08:25
Granite tiles on the production line at Nam Dinh Granite Tile JSC in Nam Dinh Province's Hoa Xa Industrial Zone. The country's industrial production jumped by 12 per cent in the first two months of this year. — VNA/VNS Photo Danh Lam

HA NOI (VNS) — Viet Nam's index of industrial production (IIP) grew by 12 per cent in the first two months of this year over the same period last year, the General Statistics Office (GSO) reported late last week.

The growth rate, which was 5.4 per cent during this time last year, nearly doubled, GSO economists said, adding that various sectors showed signs of stable performance.

In the first two months, the consumption index which reflects domestic demand, increased 18.7 per cent year-on-year, much higher than 3.4 per cent last year during the same period.

The manufacturing and processing industries, which contributed up to 9.1 percentage points to the overall growth, expanded by 12.9 per cent.

About 37.9 million units of mobile phones were produced during two months, up 89.3 per cent year-on-year. Production of television sets reached 700,000 units, an increase of 64.1 per cent, while automobiles hit 22,100 units, a rise of 52.1 per cent.

The yield attained in case of raw iron and steel was 464,200 tonnes, up 47.6 per cent, and the quantity of chemical paint reached 103,300 tonnes, rising by 33.3 per cent.

In case of certain goods, gains were either slow or even declined, however, due to decreasing demand or stiffer competition from imported products.

Crude oil exploitation reached 2.76 million tonnes, an increase of 9.7 per cent, and NPK fertiliser production reached 325,300 tonnes, a rise of 1.4 per cent.

Motorbikes production reached 557,500 units and liquefied petroleum gas (LPG) production reached 114,000 tonnes, both declining by 8.9 per cent, while beer production reached 457 million litres, down by 1.2 per cent.

GSO experts said developments in the domain of industrial production were still potentially uncertain as the number of enterprises failing to survive economic obstacles soared this year.

More than 14,000 companies had to cease operations during the first two months, up 25 per cent year-on-year, while more than 2,000 firms were dissolved, a year-on-year rise of 8.7 per cent.

More enterprises were set up this year, even though the registered number was 2,330 less than the number of failed firms.

The newly-established companies have an average equity of VND5.6 billion (US$267,000), while the capital of failed businesses averaged VND10 billion ($476,000). — VNS

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