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VietNamNews

First half industrial production up 5.8%

Update: June, 24/2014 - 09:10
A worker inspects equipment at the EBA Machinery Co in the northern port city of Hai Phong. — VNA/VNS Photo Danh Lam

HA NOI  (VNS) — Viet Nam's industrial production is seeing improvement, with estimated growth of 5.8 per cent seen in the first half of this year, higher than last year's 5.3 per cent rise.

June's industrial production index was estimated to increase 0.5 per cent against the previous month, and this figure was also up by 6.5 per cent against June last year.

The processing and manufacturing industry posted growth of 7.8 per cent against the same period last year, while its consumption rose 9 per cent.

The industry's higher consumption increases versus that of production is a positive signal for the industry's recovery and development, in particular, and for the whole economy, in general.

Officials pointed out that a number of industries showed high growth rates in the first half of the year, including rolled steel production, up 25.4 per cent; automobiles, up 24.2 per cent; mobile phones, up 22.7 per cent; and leather footwear, up 22.2 per cent.

Thanks to the rise in consumption, the number of recruited workers in industrial production firms as of June 1 saw an increase of 0.8 per cent against the previous month; the rise was 2.7 per cent when compared with the same period last year.

The Viet Nam Chamber of Commerce and Industry (VCCI) in a recent report also noted that H1 2014 had seen a sharp improvement in business conditions compared with H2 last year, despite the impact of various challenges.

The chamber forecast that the total consumption of domestic firms will continually rise in the second half of this year.

In a move to boost production, the prime minister last week required VCCI and other relevant ministries and agencies to resolve the requests of businesses and address their difficulties in a timely manner before reporting the issues each month to the prime minister and each quarter to the government.

The relevant bodies have been instructed to focus on improving the business and investment environment, supporting firms in accessing credit and markets, and restructuring firms. — VNS


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