Wednesday, January 23 2019

VietNamNews

Việt Nam’s IIP records encouraging growth in 2018

Update: January, 02/2019 - 18:30
A medicine production line at the Mediplantex National Pharmaceutical JSC in Hà Nội. The chemical and pharmaceutical production sector recorded a surge in IIP in 2018. - Photo suckhoedoisong.vn
Viet Nam News

HÀ NỘI — The nation’s index of industrial production (IIP) in 2018 experienced an encouraging increase of 10.2 per cent over the previous year, the General Statistics Office (GSO) said.

The growth was fuelled by the processing and manufacturing industry, which rose by 12.3 per cent year-on-year, GSO head Nguyễn Bích Lâm told a recent conference in Hà Nội.

The national IIP had lessened its dependence on the mining sector, which saw reductions for three consecutive years, Lâm said, noting the sector’s industrial production recorded a 2 per cent decline in 2018.

Lâm said two other sectors – electric production and distribution and water supply and waste treatment – rose 10.3 per cent and 6.7 per cent, respectively.

Several sectors recorded IIP surges including petroleum refining (66 per cent); metal manufacturing (25 per cent); chemical and pharmaceutical production (20 per cent); motor vehicles (17 per cent); paper (14 per cent); textile and garments (13 per cent); and electronics, computer and optical products (11.3 per cent).

Some others posted modest IIP growth including rubber production, crude oil and natural gas exploitation.    

According to the GSO, the consumption index of the processing and manufacturing industry in 2018 rose 12.5 per cent year-on-year – compared to 10.2 per cent growth in 2017 – while its average inventory index was 64.4 per cent, the lowest level over the past three years.

The central province of Hà Tĩnh led the nation with the strongest IIP growth of 89 per cent during the year, mainly thanks to the Taiwanese Hưng Nghiệp Formosa Hà Tĩnh Steel Company. Meanwhile, Nghi Sơn oil refinery helped the central province of Thanh Hóa rank the second, with its IIP rising by 35 per cent.

Other localities with high IIPs were the northern port city of Hải Phòng at 25 per cent and the three northern provinces of Vĩnh Phúc, Thái Nguyên and Hải Dương at 15 per cent, 12 per cent and 10.2 per cent, respectively.

Meanwhile, the country’s two main economic hubs of HCM City and Hà Nội lagged behind with respective IIP growths of 8 per cent and 7.5 per cent. — VNS

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