Tuesday, December 6 2016

VietNamNews

IIP increases close to 10% in first 11 months

Update: November, 28/2015 - 10:15
The General Statistics Office (GSO) said that the IIP growth reached 9.4 per cent in the first quarter, 10.2 per cent in the second quarter and 9.9 per cent in the third quarter. — Photo doanhnghiepvn.vn
HA NOI (VNS) — The national index of industrial production (IIP) retained a year-on-year growth rate of 9.7 per cent in the first 11 months of this year due to economic recovery.

The General Statistics Office (GSO) said that the IIP growth reached 9.4 per cent in the first quarter, 10.2 per cent in the second quarter and 9.9 per cent in the third quarter.

The economic recovery also showed a reduction in growth rate in the index of product inventory to 9.7 per cent in the first 11 months of this year from 10.9 per cent in the first quarter of this year, the office said.

The IIP of the processing and manufacturing industry, accounting for 80 per cent of production from the whole industrial sectors, gained a year-on-year growth rate at 11.3 per cent in the first 11 months.

Some key products achieved high production growth rate at 55.6 per cent for automobile, 51.1 per cent for television, 38.7 per cent for mobile telephone and 18.2 per cent each for footwear and steel.

Meanwhile, some other products reported low growth in production or even reduction in production, including garments which showed an increase of 5.3 per cent, processed seafood products and coal which each surged 5.2 per cent, cloth which reduced by 3.7 per cent, and motorcycles which fell 11.6 per cent.

The GSO's economic experts in charge of industrial sectors said the recovery in industrial production for the first 11 months was not really sustainable because the index of consumption for industrial products had a growth of around 13 per cent for each of the first seven months, first eight months and first nine months, but reduced to 12.8 per cent in the first ten months against the same period of last year.

According to the GSO, with positive results in industrial production in the first 11 months, the production was expected to gain by this year end because local enterprises planned on increasing imports of material for production and have stable orders of garment, textile, footwear and electronic components, reported the Thoi bao Kinh te Viet Nam newspaper.

The enterprises have remained growth in production and business, increased trade promotion activities and diversified local and foreign markets.

However, the national industrial sector would face risks and challenges on the world market, establishment of the ASEAN Economic Community and impacts from free trade agreements that come into effect. — VNS

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