Vietnam’s industrial production hits four-year high
Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year, a four-year record, according to the General Statistics Office (GSO).
Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year. (Photo: tinnhanhchungkhoan.vn)
Hanoi (VNS/VNA) – Vietnam’s industrial production in the first ninemonths of this year rose by 9.6 percent year on year, a four-year record,according to the General Statistics Office (GSO).
The manufacturing andprocessing sector led the industry sector and the whole economy with anexpansion of 11.4 percent, while mining grew slightly by 2.7 percent aftermonths of reduction.
Head of the GSO’sIndustrial Statistics Department Pham Dinh Thuy said Vietnam’s manufacturingand processing sector had the highest growth rate among ASEAN nations.
“The domestic manufacturingand processing industry grew steadily over quarters, including 11.5 percent,10.9 percent and 11.7 percent in the first, second and third quarters,respectively, ”Thuy said.
Among industries,several sectors recorded year-on-year growth, including coke and refined petrolup 38 percent, metallurgy 36 percent and rubber and plastics 15 percent.
Production ofelectronics, computers and optical products hiked by 6.3 percent, lower thanthe 14.2 percent growth a year ago, while production of cigarettes rose 4 percent.
Crude oil was down 7 percent,motorbikes 9.4 percent, mobile phone spare parts 11.1 percent and refined sugar15.8 percent.
In the first nine monthsof 2019, the consumption index of the manufacturing and processing sector roseby 9.5 percent year on year.
Of which, some productshad strong growth in consumption, such as coke and refined petroleum products(41.4 percent), metal products (28.5 percent) and rubber and plastic products(14.6 percent).
The inventory rate inmanufacturing and processing sector hit 72.1 percent in the nine months, higherthan the rate of 63.8 percent in the same period last year, according to GSO.
However,Thuysaid, the high rate was temporary due to high stockpiles in some major fields,including petrol production, automobile production, motorbike, transport meansand metal manufacturing industries./.
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Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year.
