Industrial production up 10.4% in ten months

VGP – Viet Nam’s index of industrial production (IIP) in the first ten months of 2018 rose 9.6% year-on-year, the General Statistics Office (GSO) said.

October 30, 2018 9:12 AM GMT+7

According to the GSO, the manufacturing and processing industry saw a high growth of 12.7%, contributing 9.8 percentage points to the overall IIP growth.

In addition, the power production and distribution sector surged by 9.6%, contributing 0.9 percentage points, while the water supply and waste and wastewater treatment industry edged up 6.6% with contribution of 0.1 percentage points.

Meanwhile, the mining industry decreased by 2.6%, reducing the overall IIP by 0.4 percentage points.

The central province of Ha Tinh recorded the highest growth of industrial production at 105.6%, thanks to the contribution of Formosa’s steel factory, followed by the north central province of Thanh Hoa with 30.3%.

The southern coastal province of Ba Ria-Vung Tau witnessed the lowest growth with 1.3% due to the decrease of crude oil exploration.

The country’s IIP for October only was estimated to see a year-on-year increase of 7.7%.

In 2017, Viet Nam’s IIP enjoyed year-on-year increase of 9.4%, much higher than 7.4% rise seen in the previous year.-VNA