IIP increases 2.6% in seven months
18:48 | 30/07/2020

VGP – the Index of Industrial Production (IIP) increased by 2.6% in the first seven months, the lowest figure in many years due to negative impacts of the COVID-19 epidemic, the General Statistics Office (GSO) reported. 

 Viet Nam's IIP in the first seven months by years - Source: VGP

In July, IIP only increased by 3.6% over the previous month and by 1.1% over the same period last year. Specifically, the mining industry dropped by 7.9%; processing and manufacturing industry increased by 2.1%; electricity production and distribution jumped by 2.7%; water supply and sewage treatment, declined by 4.5%.

In the January-July period, IIP was estimated to increase by 2.6% over the same period last year, much lower than the 9.4% expansion recorded in the same period in 2019. 

According to the GSO, industrial production continues to encounter instability due to the complicated developments of the coronavirus on a global scale, resulting in disruptions to the supply chain of input materials.

Of which, the manufacturing and processing industry increases by 4.2% (the same period in 2019 increased by 10.7%), contributing 3.5 percentage points to the overall increase; electricity production and distribution increased by 2.1%, contributing 0.2 percentage points; water supply and sewage treatment fell by 3.3%, contributed 0.1 percentage points; the mining industry decreased by 7.8%, reducing 1.2 percentage points in the general increase in particular.

In the past seven months, some key industrial products experienced a sharp declining production including sugar (down 23.1%); motor vehicles (22.3%); beverage (14.9%); and crude oil exploitation (14.1%).

On the other hand, some industrial sectors performed better such as petrol (up 18.6%); steel production (13.8%); television (12.4%); and mobile spare parts (11.4%)./.  

By Ha Linh

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