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Việt Nam’s IIP records impressive growth in 2017

Update: December, 29/2017 - 23:00
The processing and manufacturing industry, which accounts for 90 per cent of the nation’s industrial production, grows by 14.5 per cent year-on-year in 2017, the highest level over the past six years. - Photo thoidai.com.vn
Viet Nam News

HÀ NỘI — The nation’s index of industrial production (IIP) in 2017 experienced a significant year-on-year increase of 9.4 per cent, much higher than 7.4 per cent rise seen in the previous year.

The impressive growth was fuelled by the processing and manufacturing industry, which rose by 14.5 per cent year-on-year, the highest level over the past six years, head of the General Statistics Office (GSO) Nguyễn Bích Lâm said on December 28.

Lâm said the IIP would enjoy a stronger growth this year without a remarkable reduction of 7.1 per cent recorded in the mining sector. Meanwhile, two others -- electric production and distribution and water supply and waste treatment – rose 9.4 per cent and 8.7 per cent, respectively.

Several sectors also recorded a surge in IIP, such as electronics, computer and optical products (33 per cent), metal manufacturing (18 per cent), rubber and plastic products (14 per cent) and paper production (10.2 per cent).

Among key industrial products with high IIP increases in 2017 included raw steel and iron (32 per cent), television sets (31 per cent), fabric (12.6 per cent) and urea (10.4 per cent).

However, some products saw lower growth rates, such as animal feed (3.6 per cent) and footwear (1.5 per cent). Some others saw industrial production decline. Crude oil went down by 11 per cent, natural gas by 8 per cent and coal by 1 per cent.

According to the GSO, the consumption index of the processing and manufacturing industry this year rose 13.6 per cent year-on-year as compared to 8.4 per cent growth of 2016 while the inventory index witnessed a moderate yearly increase of 8 per cent as of December 1, compared to the rise from 8 per cent to 10 per cent recorded in the recent four years. — VNS

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