VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us API
Login Register
0
USD
Go to cart
Checkout
Industrial production in Vietnam thrives in November

Industrial production in Vietnam thrives in November

Wednesday 01, 12 2021
Industrial production index in November 2021 increased by 5.5% over the previous month and by 5.6% over the same period in 2020. In the first 11 months, the industrial production index increased by 3.6% compared to the same period last year.

Vietnam’s industrial production in November

According to the General Statistics Office, industrial production in November continued to prosper when localities across the country implemented the Government's Resolution No. 128/NQ-CP on safe and flexible adaption to the pandemic while effectively controlling it at the same time. The industrial production index in November 2021 is estimated to increase by 5.5% over the previous month and by 5.6% over the same period last year. In the first 11 months of 2021, the industrial production index increased by 3.6% over the same period in 2020.

industrial production in November

The index of industrial production (IIP) in November 2021 was estimated to increase by 5.5% over the previous month and by 5.6% over the same period last year. Of which, the mining industry increased by 2,2%; processing and manufacturing increased by 6.4%; electricity production and distribution by 2.2%; water supply, management and treatment of waste and wastewater increased by 1.2%.

In the first 11 months of 2021, IIP is estimated to increase by 3.6% over the same period last year, higher than the 3% growth rate of the same period in 2020. In which, the processing and manufacturing industry increased by 4.8%, contributing 4.2 percentage points to the overall growth; electricity production and distribution increased by 3.8%, contributing 0.3 percentage points; water supply industry, waste and wastewater management, and treatment activities increased by 3%, contributing 0.1 percentage points. The mining industry decreased by 6%, reducing 1 percentage point in the overall increase.

Previously, according to data from the General Statistics Office, industrial production in October 2021 prospered when social distancing measures were eased, production and business activities were gradually restored to a healthy new normal state.

The index of industrial production (IIP) in October 2021 was estimated to increase by 6.9% over the previous month and decrease by 1.6% over the same period last year, of which the mining industry decreased by 7.2%; processing and manufacturing decreased by 1.6%; electricity production and distribution by 2.4%; water supply, management and treatment of waste and wastewater increased by 1.5%.

Generally, in the first ten months of 2021, IIP increased by 3.3% over the same period in 2020.

ten months of 2021

In which, the processing and manufacturing industry increased by 4.5%, contributing 3.99 percentage points to the general increase; electricity production and distribution increased by 4.1%, contributed 0.36 percentage points; water supply industry, waste and wastewater management, and treatment activities increased by 3.4%, contributing 0.05 percentage points. The mining industry decreased by 7%, reducing 1.1 percentage points in the general increase.

Ensuring sufficient materials to recover production

In a recent report, the Ministry of Industry and Trade stated that for the industry to soon robust again, it is necessary to continue to urgently, drastically, and uniformly deploy the contents of guidance and direction by the Government and the guidelines of the Ministry of Health and the Ministry of Transport to maximize the circulation of goods and labor back to serve the recovery of production activities after the epidemic.

It is necessary to ensure an adequate supply of raw materials and energy to meet the requirements of production and business recovery, as well as of socio-economic development. Another crucial step is to solve difficulties and obstacles for important industrial projects, supporting factories to maintain and restore production to keep orders and supply chains.

Implemented trade agreements need to be exploited to promote trade promotion, develop domestic and foreign markets, promote e-commerce.

In the long-term, it is vital to unify resources from the central to local levels to focus on investment and development of industrial projects, especially foundation industries, key export manufacturing industries such as supporting industries, mechanics, automobiles, textiles, leather - shoes, electricity - electronics, food processing, etc.

long-term

In addition, it is necessary to continue to strengthen international cooperation, promote foreign markets to take full advantage of opportunities from countries that have free trade agreements with Vietnam to promote the export of key industries, linking domestic enterprises and global production chains.

 

Source: The Ministry of Industry and Trade, vneconomy

Compiled by VietnamCredit

You may also like

TOURISM INDUSTRY TO BE AMONG KEY ECONOMIC SECTORS
Wednesday 16, 10 2019

TOURISM INDUSTRY TO BE AMONG KEY ECONOMIC SECTORS

As of November 2017, Vietnam has welcomed approximately 11.64 million foreign...
CEMENT SECTOR TO EXPERIENCE OVERSUPPLY
Saturday 19, 10 2019

CEMENT SECTOR TO EXPERIENCE OVERSUPPLY

It is expected that Vietnam’s cement surplus in 2017 could be 30 million...
1723
1722
+84 981861066